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please answer all the questions immediately thankyou po Andres, Tomas and Moises are partners of ATM partnership. They decided to liquidate on March 31 of
please answer all the questions immediately thankyou po
Andres, Tomas and Moises are partners of ATM partnership. They decided to liquidate on March 31 of the current year.On this date, they have non- cash assets of P530,000 and liabilities of P250, 000, including loan payable to Moises of P50,000.Andres, Tomas and Moises have capital balances of P80,000, P130,000 and P90,000, respectively.Profits and loss are shared 3:3:4 for Andres, Tomas and Moises.All partners are solvent. Assuming the non-cash assets are sold 25% less from its book value, what is the entry to record the realization of non-cash assets? 2 points) Debit Cash P 397,500, Andres, Capital 39,750, Tomas, Capital 39.750, Moises Capital 53,000 : Credit Non-cash assets P 580 000 Debit Cash 500,000 Credit Non-cash assets 530,000 Debit Cash P 397.500, Andres Capital 39570 Tomas Capital 39,570, Moises Capital 53 000 Credit Non-cash sets 530 000 Debit Non-cash assets P 530 000 Credit Cash P 397,500, Andres Capital 39 570 Tomas Capital 39 570 Moises Capital 53 000 Andres, Tomas and Moises are partners of ATM partnership. They decided to liquidate on March 31 of the current year. On this date, they have non- cash assets of P530,000 and liabilities of P250,000, including loan payable to Moises of P50,000. Andres, Tomas and Moises have capital balances of P80.000, P130,000 and P90.000, respectively. Profits and loss are shared 3:3:4 for Andres, Tomas and Moises. All partners are solvent. Assuming the non-cash assets are sold 25% less from its book value, how much is the capital balance of Moises after the realization of non-cash assets? (2 Points) Enter your answer How much did partner A receive in the settlement of his total interest in the partnership? 2 Points) On December 31, 2019, ACT Partnership decided to liquidate its business. On this date, AC and T have capital balances of ? 300,000, P 250,000, P 120,000 and share profits and losses in the ratio of 5:23. Below it shows the perional assets and personal fiabilities of each partners. A - personal assets + P 100,000: personal liabilities - P 50,000 C-personal assets -P 50,000 : personal liabilities - P50,000 T-personal assets = P 50.000: personal liabilities : P 75.000 Before liquidation, the partnership has total liabilities of P 330,000 which indudes a payable of P30,000 to Tand the non-cash assets has a book value of P 750,000. The amount of proceeds received from the liquidation of assets is P 700,000 which is already net of liquidation expenses of P30,000 Enter yourStep by Step Solution
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