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- 16. Partners A, B and C had the following balances prior to admission of D: A, Loan (debit): P 20, 000; B, Loan (credit): P 60, 000; A, Capital (debit): P 30, 000; B, Capital (credit): P 120, 000; C, Capital (credit): P 70, 000. Partners A, B and C share profits and losses in the ratio 5:2:3 respectively. D is admitted in the partnership for a 20% interest in the partnership in exchange for an investment of P 40, 000 cash. Prior to admission of D, the partners agreed to increase the carrying value of inventories by P 60, 000 in order to bring it to its fair value. Immediately after the admission, the capital credit of D would be: a. P 46, 000 b. P 52, 000 c. P40, 000 d. P60, 000 e. answer not given16. Partners A. B and C had the following balances prior to admission of D: A. Loan (debit): P 20, 000; B, Loan (credit): P 60, 000; A, Capital (debit): P 30, 000; B, Capital (credit): P 120, 000; C, Capital (credit): P 70, 000. Partners A, Band C share profits and losses in the ratio 5:2:3 respectively. D is admitted in the partnership for a 20% interest in the partnership in exchange for an investment of P 40, 000 cash. Prior to admission of D, the partners agreed to increase the carrying value of inventories by P 60, 000 in order to bring it to its fair value. Immediately after the admission, the capital credit of D would be:A, B, C, and D are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21, respectively. The balances of their capital accounts on December 31, 20xl are as follows: P1,000 25,000 A... В.. C... 25,000 D.. 9,000 P 60,000 The partners decide to liquidate, and they accordingly convert the non-cash assets into P23,200 of cash. After paying the liabilities amounting to P3,000, they have P22,000 to divide. Assume that a debit balance of any partner's capital is uncollectible. The share of C in the cash distribution to the partners was: (round-off answer) а. 3,200 b. 8,200 13,800 d. 17,800 с.
- A, B and C share profits and losses in the ratio of 3:2:1. C is to receive a salary of K30, 000 as managing partner, and interest at the rate of 15% p. a is to be charged on drawings. Further, Interest to be earned by partners on their capital contributed. The following are the results of the profits and losses appropriated for the current year. Net profit K200, 0000 Salary K30, 000 Interest on drawings A K10, 000 B K8, 000 C K7, 000 Interests on capital A K20, 000 B K15, 000 C K15, 000 You are required to calculated the partners share of taxable income for tax purposes.W and X are partners who have agreed to admit Y, who will invest P15,000 for a 20 percent interest. The previous capital balances were P15,000 and P30,000 for W and X, respectively. W and X had shared profits and losses equally. What amount will be recorded in Y's Capital account? a. P6,000 credit b. P12,000 credit c. P15,000 credit d. P9,000 creditA, B, C, and D are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21, respectively. The balances of their capital accounts on December 31, 20x1 are as follows: A... B. C. D. P1,000 25,000 25,000 9,000 P 60,000 BITY The partners decide to liquidate, and they accordingly convert the non-cash assets into P23,200 cash. After paying the liabilities amounting to P3,000, they have P22,000 to divide. Assume that a debit balance of any partner's capital is uncollectible. The share of B in the cash distribution to the partners was: (round-off answer) EDIF
- A & B are partners who share income in the ratio of 2:1 and who have capital balances of P 65 000 and P 35 000 respectively. If C, with the consent of B, acquired one half of A’s interest for P 40 000. For what amount would C’s capital account be credited? a. P 32 500 b. P 40 000 c. P 50 000 d. None of theseThe capital balances of the partners are presented to you before the retirement of X: X, P50,000; Y, P45,000; Z, P35,000. P/L ratio, equally. After the retirement of X, the capital balance of Z was P34,000. How much is the total capital after the retirement of X? A. P48,000 B. P80,000 C. P78,000 D. P52,000 The capital balances of the partners are presented to you before the retirement of Z: X, P60,000; Y, P55,000; Z, P45,000. P/L ratio, equally. After the retirement of Z, the capital balance of X was P57,500. How much is the capital of Y after the retirement of Z? A. P55,000 B. P57,500 C. P52,500 D. P115,000Presented below is the condensed balance sheet of the partnership of A, B, and C who share profits and losses in the ratio of 2:3:5. respectively: Cash 100,000 Liabilities 50,000 Other assets 350,000 A, Capital 110,000 B, Capital 120,000 C, Capital 170,000 Total 450,000 Total 450,000 The partners agree to sell to D 10% of their respective capital and profit and loss interests for a total payment of P50,000. The payment by D is to be made directly to the individual partners using the book value approach. Determine the capital balance of B after admission of the new partner.
- Item No. 24 is based on the following information: A, B, C are partners. On December 31, 200C, their capital balances and profit sharing ratios are: A, P 75,000 (60%) , B, P 150,000 (25%), and C, P 180,000 (15%). C withdrew P 30,000 during the year 200D. Net loss for the year ended December 31, 200D was P 60,000. The partners decided to liquidate. There were unpaid liabilities of P 15,000 and cash on hand of P 2,100. 24. The amount to be realized by the partnership on the sale of its noncash assets so that A will receive a total of P 57,000 in the final settlement of his interest should be: a. P 357,900. C. P 27,900. b. P 309,900. d. P 18,000. Item No. 25 is based on the following information: Christian and Dior are partners, who share profits equally, were incapacitated due to a car accident. A liquidator was appointed to wind up their partnership. The balance sheet accounts are shown below: Cash P 35,000 Liabilities P 19,000 Other Assets 110,000 72,000 Christian Capital ---- Dior…Presented below is the condensed balance sheet of the partnership of A, B, and C who share profits and losses in the ratio of 2:3:5. respectively: Cash 100,000 Liabilities 50,000 Other assets 350,000 A, Capital 110,000 В, Сapital 120,000 C, Capital 170,000 Total 450,000 Total 450,000 The partners agree to sell to D 10% of their respective capital and profit and loss interests for a total payment of P50,000. The payment by D is to be made directly to the individual partners using the book value approach. The capital balances of A,B, and C, respectively after admission of D are:A B and C are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $7,000 to A, $8,000 to B and $14,000 to C. Interest allowances of 1096 on beginning of year capital balances Balance to be divided in the ratio of 2:11. If profit for the year 15 $250,000, calculate each partner's share and prepare the appropriate journal entry close the income Summary to the capital accounts Next Page Support | PowerSchool Communit Time left for this