Additional Investment by Kulang Final Settlement to Kapos Final Settlement to Kulang Final Settlement to Kasia
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The
|
Cash |
100,000 |
Outside Creditors |
890,000 |
|
Non-Cash Asset |
1,400,000 |
Loan due to kapos |
10,000 |
|
|
|
Kapos, capital |
90,000 |
|
|
|
Kulang, capital |
190,000 |
|
|
|
Kasia, capital |
320,000 |
The partners share
|
|
Asset |
Liabilities |
|
Kapos |
300,000 |
150,000 |
|
Kulang |
150,000 |
110,000 |
|
Kasia |
200,000 |
150,000 |
|
Additional Investment by Kulang |
|
|
Final Settlement to Kapos |
|
|
Final Settlement to Kulang |
|
|
Final Settlement to Kasia |
|
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- The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019 and gave you the following balances: Cash Outside Creditors 100,000 1,400,000 890,000 Non-Cash Asset Loan due to kapos 10,000 Каpos, capital Kulang, capital Kasia, capital 90,000 190,000 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non cash asset was sold for 1,000,000. All partners are solvent Answer the following: Gain/Loss on Realization Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang Gain/Loss absorbed by Kasia Capital balance of Kapos after sale of Non – Cash Asset Capital balance of Kulang after sale of Non – Cash Asset Additional Investment by Kapos Final Settlement to Kapos Final Settlement to Kulang Final Settlement to KasiaThe partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019, and gave you the following balances: Cash 100,000 Outside Creditors 890,000 Non-Cash Asset 1,400,000 Loan due to kapos 10,000 Kapos, capital 90,000 Kulang, capital 190,000 Kasia, capital 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non-cash asset was sold for 800,000. Kulang is a limited partner. The personal assets and liabilities of partners are as follows: Asset Liabilities Kapos 300,000 150,000 Kulang 150,000 110,000 Kasia 200,000 150,000 Answer the following: Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang Gain/Loss absorbed by Kasia Capital balance of Kapos after the sale of Non – Cash Asset Capital balance of Kulang after the sale of Non – Cash Asset…The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019 and gave you the following balances: Cash 100,000 Outside Creditors 890,000 Non-Cash Asset 1,400,000 Loan due to kapos 10,000 Карos, capital Kulang, capital Kasia, capital 90,000 190,000 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non cash asset was sold for 800,000. Kulang is a limited partner. The personal assets and liabilities of partners are as follows: w Asset Liabilities Карos Kulang 300,000 150,000 150,000 110,000 Kasia 200,000 150,000 Answer the following: Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang Gain/Loss absorbed by Kasia Capital balance of Kapos after sale of Non – Cash Asset Capital balance of Kulang after sale of Non - Cash Asset Additional Investment by Kapos Additional Investment by Kulang Final Settlement to Kapos Final Settlement to Kulang Final Settlement to Kasia
- The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019, and gave you the following balances: Cash 100,000 Outside Creditors 890,000 Non-Cash Asset 1,400,000 Loan due to kapos 10,000 Kapos, capital 90,000 Kulang, capital 190,000 Kasia, capital 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non-cash asset was sold for 900,000. Kapos is a limited partner, while Kulang and Kasia are general partners. The personal assets and liabilities of partners are as follows: Asset Liabilities Kapos 300,000 150,000 Kulang 150,000 110,000 Kasia 200,000 150,000 Answer the following: Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang Gain/Loss absorbed by Kasia Capital balance of Kapos after sale of Non – Cash Asset Capital balance of Kulang after sale of Non –…The balance sheet of partnership of Johnny Tan, Eduardo Chua, and Karol Benito on December 31, 2020, when the partners decided to liquidate showed the following: Assets Liabilities & Capital Cash Liabilities P180,000 500,000 Tan, Loan Tan, Capital (30%) Chua, Capital (40%) Benito, Capital (30%) Total P150,000 80,000 185,000 45,000 220,000 P680,000 Other Assets Total P680,000 Cash is distributed as it becomes available. At the end of the liquidation process, total liquidation expenses incurred and paid amounted to P75,000. Other assets are realized as follows: Cash Proceeds Book Value P 290,000 December 2020 P225,000 215,000 February 2021 210.000 Requirements: 1) Prepare a Statement of Liquidation. 2) Show schedule in support of monthly distributions. 3) Prepare the journal entries to record the liquidation process. 4) Prepare a Cash Priority Program.The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019 and gave you the following balances: Cash 100,000 Outside Creditors 890,000 Non-Cash Asset 1,400,000 Loan due to kapos 10,000 Kapos, capital 90,000 Kulang, capital 190,000 Kasia, capital 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non cash asset was sold for 1,000,000. All partners are solvent Answer the following: Gain/Loss absorbed by Kasia Capital balance of Kapos after sale of Non – Cash Asset Capital balance of Kulang after sale of Non – Cash Asset Additional Investment by Kapos Final Settlement to Kapos Final Settlement to Kulang Final Settlement to Kasia
- On February 28, 2023, the partners Anna, Juan. Berto authorized the liquidation of their partnership. The statement of financial position is as follows: AAA Statement of Financial Position February 28, 2023 Cash Non-cash assets Total Assets P10,000 Accounts Payable 290,000 Ana, Capital Required: a. Prepare the Cash Priority Program b. Prepare the journal entries for March 1, and March 4, 2023 P300,000 Juau, Capital Berto, Capital Total Liabilities and Capital P100,000 100,000 20,000 80,000 P300,000 Additional Informatic 1. The partner's profit and loss ratio were Amma, 40%; Juan, 40% and Berto 20% 2. On March 1, 2023, non-cash assets with a book value of P200,000 realized P150,000, and all available cash was paid to creditors and to partners. 3. On March 4, 2023. non-cash assets with a book value of P90,000 realized P70,000, and that amount was paid to partners.On December 31, 2020, the partnership of Abe, Bravo, Charlie, and Delta decided to liquidate the following account balances: Cash NCA Liab. Bravo Charlie Abe Bravo Charlie Delfin Loan Loan (10%) (20%) (45%) (25%) 20,000 180,000 100,000 10,000 5,000 15,000 25,000 15,000 30,000 Assuming that that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to 10,000; 15,000; 10,000; and 5,000 respectively; determine the cash settlement given to Abe if the NCAs were sold for 100,000On the December 31, 2020, the Statement of Financial Position of LOVE Partnership shows the following data with profit or loss sharing of 5:3:2.CashP10,000,000Noncash Asset40,000,000Total LiabilitiesP20,000,000Ona10,000,000Vina15,000,000Ena5,000,000On January 01, 2021, Lina is admitted to the new partnership named LOVE by investing P20,000,000 for 50% capital interest in the new partnership. What is the new capital balance of Ena after Lina’s admission in LOVE Partnership?
- On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with the following account balances. Cash NCA Liab. Bravo Charlie Abe Bravo Charlie Delfin Loan Loan (10%) (20%) (45%) (25%) 20,000 180,000 100,000 10,000 5,000 15,000 25,000 15,000 30,000 Assuming that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to P10,000; P15,000; P10,000 and P5,000 respectively; determine the cash settlement given to Abe if the NCAS were sold for P100,000 (round to nearest peso). in good accounting formOn Dec. 31, 2019, The Hungria and Blanche Partnership had the following assets, liabilities, and partners’ equity: Assets Liabilities Hungria, Capital Blanche Capital P1,000,000= P250,000+ P400,000+ P350,000 When the partners agreed to liquidate the business, the assets were sold for P800,000 and the liabilities were paid. Hungria and Blanche share profits and losses ratio of 3:1 respectively. What is the final cash distribution to each partner after liquidation?A, B and C are partners. On January 2, 2020, their capital balances and profit and loss ratio are as follows: Capital P&L Ratio A 625,000 60% B 1,250,000 25% C 1,500,000 15% C withdrew P250,000 during the year. Net loss on December 31, 2020 totaled P500.000. Hence, the partners decided to liquidate the partnership. It is uncertain how much of the assets will ultimately yield but favorable realization is expected. It is, therefore, agreed to distribute cash as it becomes available. There are unpaid liabilities of P125.000 and cash of P17.500. The amount to be realized by the partnership on the sale of its assets so that A will receive a total of P475.000 in the final settlement of his interest is: a. 2,582,500 b. 2,982,500 c. 232,500 d. 150,000 C withdrew 250,000 during the year. Net loss on December 31, 2020, totalled 500,000. Hence, the partners decided to liquidate the partnership. It is uncertain how much the assets will untimately yield but favorable realization…