Find what amount must remaining assets be sold

Assignment Help Financial Accounting
Reference no: EM132935390

Gerald, Julia and Bea are partners who decided to terminate their partnership due to misunderstanding, Total assets of the partnership is P480,000 including cash of P30,000. Capital balances of the partners were as follows Gerald P150,000; Julia P175,000; Bea P67,500. Unpaid liabilities amounted to P87,500. Assets with a book value of P175,000 were sold for P125,000 and the cash was distributed. The P/L ratio is 5:3:2

Problem 1: What amount must the remaining assets be sold in order for Julia to receive P197,500 after liquidation?

Reference no: EM132935390

Questions Cloud

When excess cost is equal to shortage cost in single period : When excess cost is equal to shortage cost in the single period model, the optimum stocking level falls in the center of the demand distribution for the item.
Determine the unrealized gain or loss on the investment : Use this information to determine the unrealized gain or loss on the investment that should be reported at year end by All Good Company
What actions or messages should you avoid : What actions or messages should you AVOID when terminating an employee and What other functions/departments/experts may need to be involved with HR
Record the sale of two items to baja : Record the sale of two items to Baja and receipt by credit card 2% card fee. Prepare the appropriate journal entry for each transaction assuming the company use
Find what amount must remaining assets be sold : Assets with a book value of P175,000 were sold. What amount must the remaining assets be sold in order for Julia to receive P197,500 after liquidation?
Determine the amount to be recognized as fair value : Determine the amount to be recognized as fair value adjustment gain the entity's 2019 other comprehensive income
Haow does chloramphenicol stop bacteria without harming call : Haow does chloramphenicol stop bacteria without harming calls
Measure the transmittance of light : What instrument will be used to measure the transmittance of light so that we can measure the amount of photosynthesis occurring?
Define contingent liability : Write a memorandum to inform Austin Motors of specific contingent liabilities arising from the business. In your discussion, define contingent liability.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Costing system would more efficient when direct labor costs

Which costing system would be more efficient when direct materials and direct labor costs are high, and overhead costs are low and why? Which costing system would be more efficient when direct labor costs and direct materials are low, and overhead is..

  Practice direct confrontation with robert

Robert wondered why he was always so stressed out when he was dealing with Lucas, the latest addition to his team. On the face of it, the new hire seemed very agreeable and supportive, but whatever interactions he had had with him left him wondering ..

  What is a commercial bank

What is a commercial bank? What are the main functions performed by commercial banks? How far are they useful for economic development?

  Compute net cash provided by operating activities

Compute net cash provided (used) by operating activities using the indirect method. PJ Masks Ltd uses the indirect method for preparing statement of cash flows.

  What can a public accounting firm do

What can a public accounting firm, such as the one in which Tiffany works, do to ensure that audits of computerized accounting information systems are conducted efficiently and effectively?

  What is the payback period for the new machine

A company is considering the purchase of a new machine for $48,000. Management predicts that the machine can produce sales of $16,000 each year for the next 10 years. Expenses are expected to include direct materials, direct labor, and factory overhe..

  What the total depreciation on plant and other fixed assets

What The total depreciation on Plant & Machinery and other fixed assets in the last year? ADG Ltd. is considering investing in a new start-up project.

  What is the net interest income earned in dollars

What should the spot rate of U.S. dollars for BPs be at the end of the year in order for the bank to earn a net interest income of $210,000

  What is united healthcare corporate beta

According to the CAPM model, what is the required rate of return for United Healthcare? Interpret your result. What is United Healthcare's corporate beta?

  Financing activities for the statement of cash flows

(Learning Objectives 2, 3: Distinguish among operating, investing, and financing activities for the statement of cash flows—indirect method) Indicate whether each of the following transactions affects an operating activity, an investing activity, a f..

  Why people always said amazon paid zero tax

What is the fact based on the numbers? How would you comment on the rethinking capitalism and balance between shareholders and stakeholders?

  Determine what is the present value of the commitment

Joltin' Joe" is expected to live for 30 years, What is the present value of this commitment given that the first purchase will occur one week after her death?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd