Partners Grace, Paul, and Trisha shared profits and losses equally. On December 31, 2019,

they had capital balances of 30,000, 50,000, and 20,000, respectively. On the same date,

they decided to dissolve and liquidate. Non-cash assets amounting to 18,000 were sold for

12,000. The loss on realization of non-cash assets and share of Grace (respectively)

amounted to ______.

4. As of June 30, 2019, the capital balances of Joan, Joey, and Justin were 100,000, 80,000,

and 70,000, respectively. They shared profits and losses in the ratio of 3:2:1. The partners

decided to liquidate. They sold non-cash assets for 130,000. After settlement of all liabilities

amounting to 30,000, they still had 184,000 cash left for distribution.

a. The share of Joan in the loss on realization of non-cash assets would be _____.

b. Assuming the same information in Item 2, the share of Justin in the 184,000 cash left

for distribution would be ______.

5. Bong, Dong, and Tong were business partners facing cash flow problems. They decided to

liquidate. They shared profits and losses 55%, 15%, and 30%, respectively. When the

liquidation commenced, they had capital balances amounting to 108,000, 62,000, and

56,000, respectively. Non-cash assets with historical cost and accumulated depreciation of

390,000 and 140,000, respectively, were sold for 180,000. Liabilities amounting to

112,000 were also settled. What was the balance of Bongs capital account before cash

distribution?

6. Facing financial distress, partners Gary (40%), Gerry (30%), and Gina (30%) decided to

liquidate the partnership on September 30, 2019. Their capital balances as of December 31,

2018 were 50,000, 60,000, and 20,000, respectively. The net income from January 1 to September 30 was 44,000. On the date of liquidation, cash and liabilities amounted to 40,000 and 90,000, respectively. For Gary to receive 55,200 in full settlement of interest

in the partnership, how much should the non-cash assets be sold for?

3. Partners Grace, Paul, and Trisha shared profits and losses equally. On December 31, 2019, they had capital balances of P30,000,P50,000, and P20,000, respectively. On the came date, they decided to dissolve and liquidate. Non-cash assets amounting to P18,000 were sold for P12,000. The loss on realization of non-cash assets and share of Grace (respectively) amounted to 4. As of June 30, 2019, the capltal balances of Joan, Joey, and Justin were P100,000, P30,000, and P70,000, respectively. They shared profis arid losces in the ratio of 3:2:1. The partner5 decided to liquidate. They sodd non-cash assets for P130,000. After settement of all labilities amounting to P30,000, they still had P184,000 cash left for distribution. a. The share of Joan in the loss on realization of non-cash assets would be b. Assuming the same information in Item 2, the share of Justin in the 1184 , 000 cash left: for distribution would be P. 5. Bong. Dong, and Tong were bukiness partners ficing cash flow problems. They decided to liquidate. They shared profits and keses 55%,15%, and 30%, respectively. When the liquidation commenced, they had capital balances amounting to P108,000, P62,000, and P56,000, respectively. Non cash assets with historical cost and accumulated depreciation of P390,000 and P140,000, respectively, were sold for P180,000. Llabilities announting to P112,000 were also settled. What was the balance of Bong's capital account before caist distribution? 6. Facing financial distress, partners Gary (40%), Gerry (30%), and Gina (300) ) decided to liquidate the partnerstip on September 30, 2019. Their capltal balances as of December 31, 2018 were P50,000,P60,000, and P20,000, respectively. The net Income from January 1 to September 30 was P44,000, On the date of liquidation, cash and latilities amounted to P40,000 and P90,000, reseetively. For Gary to recelve PS5, 200 in full settlement of interest in the partnership, how much should the non-cash assats be sold for