User Account

All Pages

How much cash will be distributed to the partners

Assignment Help Accounting Basics
Reference no: EM132720615

Question -

Q1. On January 1, 2020, Bankruptcy Partnership entered liquidation. The partner's balances on this date are as follows:

Anno (25%) P125,000

Caring (35%) P270,000

Janang (40%) P185,000

The partnership has liabilities amounting to P220,000, including a loan from Caring P30,000. Cash on hand before the start of liquidation is P40,000.

Assume that certain assets were sold for P370,000 and the rest of the noncash assets were sold at a loss of P210,000. How much cash will be distributed to the partners?

a. P220,000

b. P590,000

d. P370,000

c. P400,000

Q2. On January 1, 2020, Bankruptcy Partnership entered liquidation. The partner's balances on this date are as follows:

Anno (25%) P125,000

Caring (35%) P270,000

Janang (40%) P185,000

The partnership has liabilities amounting to P220,000, including a loan from Caring P30,000. Cash on hand before the start of liquidation is P40,000.

Assume that if Caring received P112,750, how much was the loss from the realization of the noncash assets?

a. P535,000

b. P526,250

c. P497,250

d. P262,750

Reference no: EM132720615

Questions Cloud

Terrorism risk insurance program reauthorization act : Why is the existence of the Terrorism Risk Insurance Program Reauthorization Act so critical to a stable commercial property terrorism insurance market?
Have federal reserve countercyclical monetary policy effect : Have the Federal Reserve's countercyclical monetary policies been effective in moderating business cycle swings? Justify your response.
Determine the necessary caption and amount : Determine the necessary caption(s) and amount(s) that should appear on Concord's statement of cash flows, using the indirect method
How do explain fixed and flexible budgeting : How do Explain fixed and flexible budgeting. Provide an example of budgeting for three consecutive periods in which safety margin is included for flexibility
How much cash will be distributed to the partners : Assume that certain assets were sold for P370,000 and the rest of the noncash assets were sold at a loss of P210,000. How much cash will be distributed
Find how changes in federal reserve monetary policy affect : How changes in the Federal Reserve's monetary policy affect at least 1 of the 4 components of GDP (consumption, investment, government spending)
Identify current applications-systems : Identify current applications/systems (Identify the company and the system adapted) used by an organization in order to properly monitor their inventory
What is the primary objective of financial reporting : What is the primary objective of financial reporting? Identify the characteristics of useful accounting information
What the conversion tax planning strategy is : What the conversion tax planning strategy is, and which of these investments employ this strategy. Which investment opportunity you would recommend.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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