1. A partnership is in the process of liquidating and is currently reporting the following capital balances:

Marla, Capital (50% share of all profits and losses) 80,000

Barbara, Capital (30%) 60,000

Roberta, Capital (20%) (24,000)

Roberta has indicated that the 24,000 deficit will be covered by a forthcoming contribution. However, the two remaining partners have asked to receive the 116,000 in cash that is presently available. How much of this money should each partner be given?

Marla Barbara

a. 65,000 51,000

b. 81,000 35,000

c. 58,000 58,000

d. 85,000 31,000

e. 72,000 44,000

Item 2 and 3 are base on the followins information:

The partnership of Paul, Mark, and Jo is liquidating, and the ledger shows the following balances:

Cash 80,000

Inventory 100,000

Accounts Payable 60,000

Paul, Capital (50%) 40,000

Mark Capital (25%) 45,000

Jo, Capital (25%) 35,000

2. If all availabie cash is distributed immediately

a. Paul, Mark and Jo would receive 26,667 each

b. Paul, Mark and Jo would receve 6,667 each

c. Paul would receive 10,000 and Mark and Jo would receive 5000 each

d. Mark would receive 15,000 and Jo would receive 5000

e. None of the above

3. If no distributions have been made and the inventory is sold for P80,000, cash distributed as:

a. Paul, Mark, and Jo would receive 33,333 each.

b. Paul, Mark, and Jo would receive 26,667 each.

c. Paul would receive 50,000 and Mark and Jo would receive 25,000 each

d. Paul would receive 40,000; Mark would receive 45,000 and Jo would receive 35,000.

e. Paul wo6uid receive 30,000, Mark would receive 40,000 and Jo would receive 30,000

f. None of the above

4. XYZ Partnership is in the process of liquidation. The profit and loss ratio is 5:3:2 for X, Y and Z, respectively. Pre-liquidation balances are cash (dr.)10,000; non-cash assets (dr.). 25,000; priority claims (cr.) 12.000: X, capital (cr.) 10,000; Y, capital (cr.) 7,800, and Z, capital (Cr.) 5,200.

The noncash assets are sold for 5,000 net of liquidation expenses. Cash distribution to the partners at the conclusion of the process

a. X, 0; Y, 1,800; Z, 1,200

b. X, 833; Y, 666; Z, 1,500

c. X, 5,000; Y, 2,000; Z, 2,000

d. X, 1,000, Y, 1,000: Z, 1,000

e. X, 0; Y 0; Z, 0

f. None of the above

5. Jose, Ramon, and Marlon who divide profit and losses 50%, 30%, 20%, respectively, have the following October 31, 2014 account balances:

Jose, drawing (dr.) 12,000

Marlon, drawing (cr.) 4,800

Accounts recelivable- Ramon 7,200

Loans payable-Jose 14,400

Jose, Capital 59,400

Ramon, Capital 44,400

Marlon, Capital 39,000

On this date, the partnership's assets are 211,200 (including cash of P64,200). The partnership is liquidated, and Marlon receives 33,000 in final settlement. How much is the total loss on realization?

a. P10,800

b. P31,200

c. 54,000

d. 64,200

e. None of the above