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with computation each number Problem: X, Y and Z have capital balances of P80,000.00, P100,000.00 and P36,000.00 respectively, and share profit and loss based on
with computation each number
Problem: X, Y and Z have capital balances of P80,000.00, P100,000.00 and P36,000.00 respectively, and share profit and loss based on the ratio of 4:2:1, respectively X received P52,000.00 as a result of liquidation of the partnership Question No. 8. How much cash did Z received as a result of liquidation? a. P52,000.00 b. P86,000.00 c. P29,000.00 d. P49,000.00 Problem: Partners A, B and C shares profits and losses 5:3:2, respectively. The balance sheet at September 30, 2020 follows: ASSETS LIABILITIES AND CAPITAL Cash P80,000.00 Account payable P200,000.00 Other assets 720,000.00 A, Capital 148,000.00 B, Capital 260,000.00 C, Capital 192,000.00 P800,000.00 P800,000.00 The assets and liabilities are recorded at their current fair values. Dis to be admitted as a new partner with a 20% capital interest and 20% share of profits and losses in exchange for a cash investment. Goodwill or bonus will not be considered. Question No. 9. How much cash should contribute? a. P150,000.00 b. P200,000.00 C. P100,000.00 d. Answer not given. Problem: The condensed balance sheet of Alex, Jay and John Partnership as of March 31,2021 follows: ASSETS LIABILITIES AND CAPITAL Cash P28,000.00 Liabilities P48,000.00 Other assets 265,000.00 Alex, Capital 95,000.00 Jay, Capital 80,000.00 John, Capital 70,000.00 Total Assets P293,000.00 Total liabilities and Capital P293,000.00 Profit and loss ratio is 50:25:25, respectively.The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000.00 was realized on the first cash sale of other noncash assets which has a book value of P150,000.00, after settlement with creditors, all cash available was distributed to partners. Question No. 10. How much cash was received by John? a. P10,500.00 b. P32,500.00 c. P21,250.00 d. P20,000.00 e. Not givenStep by Step Solution
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