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    Notes in Acstr14

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    Gray Javier
    This document provides information about the liquidation of three different partnerships. It includes details of the partnerships' assets, liabilities, capital accounts and profit/loss sharing ratios. It also provides the amounts distributed to partners in each liquidation scenario after paying debts and expenses.

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    Notes in Acstr14

    Uploaded by

    Gray Javier
    369 views3 pages
    This document provides information about the liquidation of three different partnerships. It includes details of the partnerships' assets, liabilities, capital accounts and profit/loss sharing ratios. It also provides the amounts distributed to partners in each liquidation scenario after paying debts and expenses.

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    © © All Rights Reserved

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    This document provides information about the liquidation of three different partnerships. It includes details of the partnerships' assets, liabilities, capital accounts and profit/loss sharing ratios. It also provides the amounts distributed to partners in each liquidation scenario after paying debts and expenses.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    369 views3 pages

    Notes in Acstr14

    Uploaded by

    Gray Javier
    This document provides information about the liquidation of three different partnerships. It includes details of the partnerships' assets, liabilities, capital accounts and profit/loss sharing ratios. It also provides the amounts distributed to partners in each liquidation scenario after paying debts and expenses.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Notes in Acstran

    23. Pony, Tail, and Raddish are partners in a partnership and share profits and losses
    50%, 30%,
    and 20%, respectively. The partners have agreed to liquidate the partnership and
    anticipate
    that liquidation expenses will total P14,000. Prior to the liquidation, the partnership
    balance
    sheet reflects the following book values:
    Cash 21,000
    Non-cash assets 248,000
    Notes payable to Davis 32,000
    Other liabilities 154,000
    Cohen, capital 60,000
    Butler, capital (deficit) (10,000)
    Davis, capital 33,000
    ADVANCED ACCOUNTING
    Partnership Liquidation & Incorporations - MCQ Problems Page 10
    Assuming that the actual liquidation expenses are P14.000 and that non-cash assets
    are sold
    for P218,000, how would the assets be distributed to partners if Butler has net personal
    assets of P8,500?
    Cohen Butler Davis
    a. 15,500
    b. 21,429 - 49,571
    c. 30,650 - 53,260
    d. 27,500 - 52,000 Punzalan 2014
    24. Bretman and Rockin decided to liquidate their partnership business on June 1,2013,
    under lumpsum liquidation. The partners had been sharing profits and losses on a 60:40
    ratio. The statement
    of financial position prepared on the day of liquidation began was as follows:
    Assets Liabilities and Capital
    Cash P 18,000 Accounts payable P 42,000
    Receivables 75,000 Batman, loan 24,000
    Inventory 90,000 Batman, capital 102,000
    Other assets 84,000 Robin, capital 90,000
    Robin, drawing 9,000
    Total P267,000 Total P267,000
    During June, one-third of the receivables was collected; P45,000 of inventory was sold
    at an
    average of 70% of book value; other assets were sold for P36,000.
    How much should Batman and Robin receive upon liquidation?
    Batman Robin
    a. P32,000 P36,400
    b. P8,100 P27,400
    c. P40,200 P41,800
    d. P 59,100 P54,400 Guerrero 2013
    25. Tite and Solar started a partnership some years ago and managed to operate
    profitably for
    several years. Recently, however, they lost a substantial legal suit and incurred
    unexpected
    losses on accounts receivable and inventories. As a result, they decided to liquidate.
    They sold all
    assets and only P162,000 was available to pay liabilities, which amounted to P297,000.
    Their capital
    account balances before the liquidation and their profit and loss sharing ratios are
    shown below:
    Capital Profit and
    Balances Loss ratios
    Pepe P207,000 60%
    Pilar 121,500 40%
    Partnership Liquidation & Incorporations
    Partnership Liquidation & Incorporations - MCQ Problems Page 11
    Pepe is personally insolvent after investing cash to pay the unpaid creditors, but Pilar
    has personal
    assets in excess of P900,000.
    In the settlement to partners, how much cash should Pepe receive?
    a. P63,900 c. P15,300
    b. P-0-' d. P63,000

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