Reference no: EM133186697
Questions -
Q1. ABC and XYZ have been operating an accounting firm as partners for a number of years and at the beginning of 2021, their capital balances were P85,000 and P70,000, respectively. During 2021, ABC invested an additional P10,000 on April 1 and withdrew P5,000 on August 30. XYZ withdrew P12,000 on May 1 and invested P12,000 on November 1. In addition, ABC and XYZ withdrew their salary allowances of P18,000 and P24,000, respectively. At year-end 2021 total capital of the ABC and XYZ partnership was P182,000. ABC and XYZ share income after salary allowances in a 60:40 ratio.
The ending capital of ABC:
Q2. Coco Inc is in bankruptcy and is being liquidated by a court-appointed trustee. The financial report that follow was prepared by the trustees just before the final cash distribution:
Assets
Cash, 100,000
Approved claims
Mortgage payable (secured by property that was sold for P50,000), 80,000
A/P, unsecured, 50,000
Admin expenses, 8,000
Salaries payable, 2,000
The admin expenses are for trustees and other costs of administering the debtor corporation's estate.
How much is the estimated amount to be recovered by the holder of mortgage?
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