How much will dadulla contribute to the partnership

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Reference no: EM133654300

Question: Dadulla, Aquino and Chua form a partnership on January 1, 2019 investing P15,000, P10,000 and P10,000 respectively; profits are to be shared in the ratio of 2:1:1 respectively. On March 1, Dadulla withdraws P7,500. Business is unsatisfactory and partners decided to dissolve the partnership. It is agreed that 5% annually is to be charged to partners on withdrawals that decrease capitals below the original investments. Partnership assets realize P5,000 and the accountant distributes this cash to the proper parties on November 1, 2019. All parties are solvent and proper settlement is made among partners the same day. How much will Dadulla contribute to the partnership for the final settlement?

PG, JR and AJ are partners with capital balances and profit & loss ratio (in parenthesis) as follows: PG, P250,000 (20%); JR, P350,000 (30%); and AJ, P350,000 (50%). Partners agree to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P200,000. AJ is personally insolvent, but the other two partners are able to meet any indebtedness to the firm. On the claims against the partnership, how much should PG contribute?

On June 11, 2019, Isip, Mabuti, and Kayamoto form a partnership investing cash of P15,000, P13,500 and P4,200 The partners share profits 2:1:1 and on August 30, 2019, they have cash of P1,000 and other assets of P47,500; liabilities are P24,600. On this date they decide to go out of business and sell all the assets for P32,000. Kayamoto has personal assets of P1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to Isip upon liquidation of the partnership?

Reference no: EM133654300

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