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Compute for the selling price of the other assets

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Reference no: EM132786371

Questions -

Q1. Partners WA, WOW, WEE have decided to liquidate their partnership. The partnership's balance sheet reveals the following: Cash - 48,500; Other Assets - 520,000; Liabilities - 118,100; WA, Capital -170,475; WOW, Capital - 215,325; WEE, Capital - 64,600. The partners share profits and losses in a 4:4:2 ratio and all partners are personally solvent. WEE received 98,000 in cash as full settlement for his share of the partnership.

Requirements -

a. Compute for the gain or loss on realization.

b. Compute for the selling price of the other assets.

c. How much is the cash allocated to Partner WA upon liquidation?

d. How much is the cash allocated to Partner WOW upon liquidation?

Q2. A company issued 20,000 shares of its 70 par value ordinary share capital and 8,000 of its 80 par value preference share capital for a total amount of 2,100,000. At this date, the company's ordinary share capital was selling 80 per share and the preference share capital was selling for 100 per share.

Requirements -

a. At what amount should "CASH" be debited?

b. At what amount should "Ordinary Share Capital" be credited?

c. At what amount should "Preference Share Capital" be credited?

d. At what amount should "Share Premium -Ordinary Share Capital" be credited?

e. At what amount should "Share Premium -Preference Share Capital" be credited?

Reference no: EM132786371

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