On September 15, 2021, LCM Partnership entered into liquidation. The partners' profit and loss ratios and capital balances on this date were as follows: L 25% 2,500,000.00 C 35% 5,400,000.00 M 40% 3,700,000.00 Total 11,600,000.00 The partnership has liabilities amounting to P 4,400,000, including a loan from C in the amount of P600,000. Cas on hand before starting the liquidation process is P 800,000. Non-cash assets amounting to P 7,400,000 were sold at book value and the remainder of the non-cash assets were sold at a loss of P 4,200,000. How much cash will be distributed to the partners?
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- On September 15, 2021, LCM Partnership entered into liquidation. The partners' profit and loss ratios and capital balances on this date were as follows: L 25% 2,500,000.00 C 35% 5,400,000.00 M 40% 3,700,000.00 Total 11,600,000.00 The partnership has liabilities amounting to P 4,400,000, including a loan from C in the amount of P600,000. Cash on hand before starting the liquidation process is P 800,000. Non-cash assets amounting to P 7,400,000 were sold at book value and the remainder of the non-cash assets were sold at a loss of P 4,200,000. How much cash will be distributed to the partners?On January 1, 2020, ACJ Partnership entered into liquidation. The partners capital balances on this date were as follows: A (25%) P2,500,000 ; C (35%) P5,400,000 ; J (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C P600,000. Cash on hand before the start of liquidation is P800,000. With the information given, answer the following independent situations: Noncash assets amounting to P7,400,000 were sold at book value and the rest of the noncash assets were sold at a loss of P4,200,000. How much cash will be distributed to the partners?A. 8,000,000B. 4,400,000C. 7,400,000D. 11,800,000 After exhausting the noncash assets of the partnership, assuming all partners has personal assets more than their personal liabilities. How much cash must be invested by the partners to satisfy the claims of the outside creditors and to pay the amount due to the partner/s? A.3,680,000B. 4,480,000C. 4,360,000D. 3,800,000 If C received P2,255,000, How much was…On January 1, 2022, GCQ Partnership entered into liquidation. The partner's capital balances on this date were as follows: G (25%) P250,000; C (35%) P540,000; and Q (40%) P370,000. The partnership has liabilities amounting to P440,000, including a loan from C in the amount of P60,000 Cash on hand prior to the liquidation process is P80,000. C received P225,000 in full settlement of her interest How much was the gain (loss) from the realization of the non-cash assets, assuming all partners are personally solvent?
- On December 31, 2020, the Statement of Financial Position of ABC partnership with profit or loss ratio of 4:1:5 is presented below: Cash 2,100,000 Liability to third person 5,600,000 Noncash asset 11,200,000 Alucard, capital 4,900,000 Baxia, capital 2,100,000 Claude, capital 700,000 On January 1, 2021, ABC partnership has been subjected to installment liquidation. As of January 31, 2021, the following data concerning liquidation are provided: o Noncash asset with book value of P8,700,000 has been sold at a loss of P2,800,000. o Liquidation expense amounting to P560,000 has been incurred for the month of January. o P840,000 cash has been withheld for future liquidation expense. o P4,200,000 liability has been paid. What is C’s share in the maximum possible loss on January 31, 2021? a. P1,050,000 b. P1,680,000 c. P1,820,000 d. P2,100,000 What is the amount received by B on January 31, 2021? a. P700,000 b. P840,000 c. P1,540,000 d. P2,240,000 What is the cash balance on January 31,…On January 1. 20x20, ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2.500,000: C (35%) P5.400.000; J (40%) P3,700,000. The partnership has liabilities amounting to P4.400.000, including a loan from C P600.000. Cash on hand before the start of liquidation is P800,000. If C received P2.255.000. How much was the loss from the realization ol the noncash assets?AA, BB and CC decided to liquidate the partnership on July 31, 2022. Their capital balances and profit ratio on this date follow: Capital Balances Profit Ratio AA P56,000 45% BB 72,000 25% CC 32,000 30% The net income from January 1to July 31, 2022 is P12,000. Also, on this date, cash and liabilities are P42,000 and P58,000 respectively. CC received P41,600 in full settlement of his interest in the firm. How much did AA receive?
- A, B and C decided to dissolve their partnership on May 31, 2020. On this date their capital balances and profit sharing percent were as follows: A P150,000 40% B 180,000 30% C 60,000 30% The net income form January 1 to May 31, 2020 was P132,000. Also on May 31, 2020, the partnership cash and liabilities, respectively were P120,000 and P270,000. For A to receive P165,600 in full settlement of his interest in then partnership, how much must be realized from the sale of the partnership's non cash assets?On January 1, 20x20, ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2,500,000 ; C (35%) P5,400,000; J (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C P600,000. Cash on hand before the start of liquiation is P800,000. If C received P2,255,000. How much was the loss from the realization of the noncash assets?The following balances of AJD Partnership on 2020 before liquidation process are as follows: Liabilities P50,000 Allen, Capital (25%) 250,000 Jaypee, Capital (25%) 300,000 Deo, Capital (50%) 100,000 Cash available before liquidation is P20,000. During the year, the following realizations occurred: a. On September, fifty percent of the total noncash assets were sold at a loss of P100,000; b. On October, twenty-five percent of the total noncash assets were sold at their book values, and; c. On November, the remaining noncash assets were written-off as a loss. All partners are personally solvent, with the exception of Deo who is solvent up to P10,000 only at the date of the last installment liquidation. Required: Prepare a statement of liquidation with safe payments schedule.
- On 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?Capital balances of partners Q,R, S are the following before liquidation: P87,000, P95,500, P106,250 respectively. The partnership has a loan from partner Q in the amount of P8,000; loan to partner R in the amount of P4,500; advances to partner S in the amount of P6,500. The partners’ profit and loss ratio is 25:40:35 respectively. If in the first installment the total cash paid to partners is P57,000, how much did partner S receive?On January 1, 20x20, ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2,500,000; C (35%) P5,400,000; J (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C P600,000. Cash on hand before the start of liquidation is P800,000. Noncash assets amounting to P7,400,000 were sold at book value and the rest of the noncash assets were sold at a loss of P4,200,000. ow much cash will be distributed to the partners?