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- Exercise 4 The balance sheet of the Jody, Kane, and Lark partnership on May 1, 2016 (before commencement of partnership liquidation) was as follows: Accounts payable Notes payable Jody, capital (30%) Kane, capital (45%) Lark, capital (25%) Cash P Inventory Loan to Jody Loan to Lark Plant assets-net 54,000 60,000 10,000 16,000 110,000 28,000 60,000 32,000 90,000 40,000 250,000 Total liab./equity 250,000 Total assets Liquidation events in May were as follows: - The inventory was sold for P6,000 below book value; - Plant assets with a book value of P50,000 were sold for P60,000. Other assumptions: All non-cash assets left unsold would be considered as a contingent loss of the partnership and should be deducted from the capital accounts of the partners according to their profit or loss sharing ratio. No additional cash contribution from a partner with a deficit balance. A partner's deficit balance will be absorbed by the other partners based on their profit or loss sharing ratio •…Exercise 2 The balance sheet of the Omar, Paolo, and Quek partnership on November 1, 2016 (before commencement of partnership liquidation) was as follows: Cash Inventory Loan to Omar Accounts payable Notes payable Omar, capital(40%) Paolo, capital(25%) Quek, capital (35%) P 58,000 60,000 8,000 14,000 70,000 34,000 62,000 24,000 26,000 64,000 Loan to Quek Plant assets-net Total assets P 210,000 Total liab./equity P 210,000 Liquidation events in November were as follows: - The inventory was sold for P10,000 above book value; - Plant assets with a book value of P60,000 were sold for P34,000. Other assumptions All non-cash assets left unsold would be considered as a contingent loss of the partnership and should be deducted from the capital accounts of the partners according to their profit or loss sharing ratio. No additional cash contribution from a partner with a deficit balance. A partner's deficit balance will be absorbed by the other partners based on their profit or loss sharing…Question 1: Jo, Lee and Bee are partners who share profits and losses in the ratio of 35:25:40 to Jo, Lee and Bee respectively. The statement of Financial Position of the partnership on December 31, 2017 is as follows:ASSETSCash P8,000Noncash assets 110,000LIABILITIES AND CAPITALLiabilities P18,000Loan from Lee 2,000Jo, Capital 32,700Lee, Capital 23,500Bee, Capital 41,800On January 1, 2018, the partners decided to liquidate. For the month of January, some assets were sold for a loss of P2,000. Liabilities of P15,000 were paid. Payment to Partners Jo, Lee and Bee from the initial sale of assets were P150, P2,250 and P4,600 respectively. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P1,250.What was the book/carrying value of the noncash assets sold in January?A. 28,250B. 26,250C. 20,250D. 18,250
- Question 1: Jo, Lee and Bee are partners who share profits and losses in the ratio of 35:25:40 to Jo, Lee and Bee respectively. The statement of Financial Position of the partnership on December 31, 2017 is as follows: ASSETS Cash P8,000 Noncash assets 110,000 LIABILITIES AND CAPITAL Liabilities P18,000 Loan from Lee 2,000 Jo, Capital 32,700 Lee, Capital 23,500 Bee, Capital 41,800 On January 1, 2018, the partners decided to liquidate. For the month of January, some assets were sold for a loss of P2,000. Liabilities of P15,000 were paid. Payment to Partners Jo, Lee and Bee from the initial sale of assets were P150, P2,250 and P4,600 respectively. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P1,250. What was the book/carrying value of the noncash assets sold in January? A. 28,250 B. 26,250 C. 20,250 D. 18,250Question 1Candice, Charlotte and Chloe are partners in a firm called the The 3 C: Their capitalcontributions are: Candice RM30,000, Charlotte RM40,000 and Chloe RM20,00Q. Their Current Accounts as at 1 July 2017 stood at: Candice RMl,500 (Cr), Charlotte RM30 (Dr) and Chloe RMl,000 (Dr). Their Partnership Agreement provides that:i. Interest on capital is to be allowed at 5% per annumii. Yearly salary for Candice is RM2,800.iii. Interest on drawings is to be charged at a rate of 10% per year.iv. Profit and loss are to be divided according to the ratio of capital invested.The net profit of The 3C stood at RM26, 640 on 30 June 2017. Required:a) Prepare the Profit and Loss Appropriation Account for the year ended 30 June 2017.b) Current Account for each partner.c) Statement of Financial Position as at 30 June 2017, showing the fixed Capital Account of each partner and the Current Accounts.ACTIVITY NO. 1 The capital accounts of the Guerrero and Alajar partnership on Sept. 30, 2013 were: Guerrero, Capital (75% profit percentage) 140,000 Alajar, Capital (25% profit percentage) 56,000 Total capital 196,000 On Oct.1, Franco was admitted to a 35% interest in the partnership when he purchased 35% of each existing partner's capital for P100,000, paid directly to Guerrero and Alajar. Required: Determine the capital balances of Guerrero, Alajar, and Franco after Franco's admission to the partnership. Show your computations. ACTIVITY NO. 2 Alcantara, Budoy and Dinoy have equities in a partnership of P600,000, P900,000 and P500,000, respectively, and share profits and losses in a ratio
- Problem #6Distribution of Profits or Losses Based on Partners’ AgreementOrosco and Castillo divide partnership profits and losses solely on the basis of their average capital balances. Orosco had P450,000 invested during all of 2018; Castillo had P300,000 invested from January 1 to September 30, and he invested another P200,000 on October 1. If profit was P2,000,000 during 2018, how much should each partner receive?Exercise 1 The partnership of Dale, Edgar, and Fred was dissolved, and by July 1, 2016, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on July 1, 2016 (with partner residual profit and loss sharing percentages) was as follows: Fred, capital(30%) Dale, capital(40%) Edgar, capital(30%) 40,000 (20,000) (10,000) Cash P 10,000 P Total assets P 10,000 Total equity 10,000 The value of partners' personal assets and liabilities on July 1, 2016 were as follows: Dale Edgar 30,000 P 20,000 Fred 45,000 P 30,000 Personal assets 25,000 10,000 Personal liabilities Required: 1. Problem 1 - How much is Dale's maximum personal contribution to pay for his deficit capital? 2. Problem 1 - How much is Edgar's maximum personal contribution to pay for his deficit capital? 3. Problem 1 - How much is Fred's maximum personal contribution to pay for his deficit capital? 4. Problem 1 - How much will Fred receive upon liquidation after considering the…EXERCISE 7. Journal Entries. Catriona and Pia are partners who contributed P100,000 and P70,000, respectively, to the partnership upon its inception in 2018. The 2021 partnership ledger showed the following movements in their capital accounts: Catriona, Capital Jan. 1 300,000 Apr. 1 Jul. 1 100,000 Oct. 1 190,000 Pia, Capital Jan. 1 200,000 Oct. 1 40,000 Apr. 1 150,000 Dec. 1 75.000 Profit of the partnership for 2021 was P280,000. Prepare and upload journal entries related to profit distribution under the following independent cases, assuming permanent capital balances are not maintained and Catriona and Pia agreed to share profits and losses: 1. In the ratio 3:2, respectively 2. According to original capital 3. According to beginning capital 4. According to average capital 5. According to ending capital 20,000
- #1 Admission by Purchase of Interest The capital accounts of the Maniquiz and Monte Partnership on Sept 30, 2018 were: Maniquiz Capital (75% Profit Percentage) Monte, Capital (25% profit percentage) Total P 140,000 56,000 P 196,000 On Oct 1. Galang was admitted to a 35% interest in the partnership when he purchased 35% of each existing partner's capital for P 100,000, paid directly to Maniquez and Monte. Required: Determine the capital balances of Maniquiz, Monte and Galang after Galang's admission to the partnership. # 2 Admission by purchase of Interest and Investment of Assets The capital accounts of Loida Cardenas and Cristina San Jose have balances of P 150,000 and P 110,000 respectively. Daria Labalan and Helen Magada are to be admitted to the partnership. Labalan buys one-fifth of Cardenas interest for P 35,000 and one fourth of San Jose's interest for P 25,000. Magada contributes P 70,000 cash to the partnership, for which she is to receive an ownership equity of P 70,000.…QUESTION 1 Mweemba and Phiri are in partnership sharing profits and losses in the ratio 7:3 respectively. The following information has been taken from the partnership records for the year ended 31 May 2020. Partners' capital account Mweemba k200,000 Phiri k140,000 Partners' current accounts, balances as at 1 June 2019: Mweemba K15, 000 Cr Phiri K13, 000 Cr During the year ended 31 May 2020 the partners made the following withdrawals from the partnership bank account. Mweemba Phiri k10, 000 on 31 August 2019 K10, 000 on 30 November 2019 K10, 000 on 28 February 2020 K10, 000 on 31 May 2020 k7, 000 on 31 August 2019 K7,000 on 30 November 2019 K7,000 on 28 February 2020 K7,000 on 31 May 2020 Interest is to be charged on withdrawals at the rate of 12% per annum. Interest is allowed on capital accounts and credit balances on current accounts at the rate of 12% per annum. Phiri is to be allowed a salary of k15, 000 per annum. The Net profit of the partnership for the year ended 31 May 2020…QUESTION 31. Frame and French are in partnership sharing profits and losses in the ratio 3/5:2/5, respectively. The following is their trial balance as at 30 September 2015. Dr Cr TZS TZS Buildings (cost TZS 210,000) 160,000 Fixtures at cost 8,200 Provision for depreciation: Fixtures 4,200 Debtors 61,400 Creditors 26,590 Cash at bank 6,130 Stock at 30 September 2014 62,740 Sales 363,111 Purchases 210,000 Carriage outwards 3,410 Discounts allowed 620 Loan interest: P Prince 3,900 Office expenses 4,760 Salaries and wages 57,809 Bad debts 1,632 Provision for doubtful debts 1,400 Loan from P Prince 65,000 Capitals: Frame 100,000 French 75,000 Current accounts: Frame 4,100 French 1,200 Drawings: Frame 31,800 French 28,200 640,601 640,601 Avitus Dominick: Msc Finance and Investment, CPA (T ) & BAC (0714-336097)