Reference no: EM133037843
Questions -
Q1. On December 31, 2017, partners J, A and C have capital balances of 252,000, 368,000 and 305,000 respectively. The partnership has 275,000 liabilities, including a loan from A amounting to 20,000 and cash of 175,000. On May 31, 2018, the partnership decided to liquidate. Its net income from January to May 31 is 348,000. Its P/L agreement call for annual salaries of 134,400, 158,400 and 115,200 for J,A, and C respectively. Any remainder shall be distributed as follows: 25% to J, 25% to A and 50% to C. The partnership's cash as of this date is 250,000 and its total liabilities is 307,000 excluding the loan from A. During June, noncash assets with a book value of 400,000 were sold for a certain amount. The partnership paid 67,000 of its liabilities to outside creditors. Liquidation expenses amounting to 44,000 were paid and cash will be withheld for the payment of its remaining liabilities to outsiders. How much were the noncash assets sold for in order for A to receive the amount priority to her and an additional 7,500?
a. 520,000 c. 519,000
b. 419,000 d. Answer not given
Q2. Continuing with the previous number, During July, noncash assets were sold for 432,000 resulting to a loss of 18,000. Remaining liabilities to outsiders were paid and 425,000 were distributed to partners. 5,000 were paid for liquidation expenses. What is C's share in maximum possible loss after July sale of noncash assets?
a. 251,000 c. 250,000
b. 225,000 d. Answer not given
Q3. How much cash was distributed to J in July?
a. 85,000 c. 125,500
b. 106,250 d. Answer not given
Q4. Partners Gregory, Hades and Ingrid share profits and losses 5:3:2, respectively. The balance sheet at August 30, 2018 follows:
Cash P40,000
Accounts Payable P100,000
Other assets 350,000
Gregory, Capital 74,000
Ingrid Loan 10,000
Hades, Capital 130,000
Ingrid, Capital 96,000
400,000 400,000
The assets and liabilities are fairly valued at this date. Jorge will be admitted as a new partner with a 20% interest in capital and in profits. How much cash should Jorge contribute upon his admission?
a. P60,000 c. P72,000
b. P75,000 d. Answer not given
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