User Account

All Pages

Prepare the necessary journal entries as at December

Assignment Help Financial Accounting
Reference no: EM132936462

Question - Chiefe and Credo are about to liquidate their partnership. They each have P200,000 capital balances, and they share profits and losses in a 3:1 ratio, respectively. In addition, the partnership has P250,000 in cash, P450,000 in noncash assets, and P300,000 in accounts payable. Assuming that the noncash assets are sold for P170,000 on July 31, 2016 and that both partners are personally solvent.

Required -

a. Prepare statement of liquidation for the period ending December 31, 2016.

b. Prepare the necessary journal entries as at December 31, 2016.

Reference no: EM132936462

Questions Cloud

How many shares are outstanding after the share dividends : The corporation which has an authorization for 1,000,000 shares had issued 500,000 shares, How many shares are outstanding after the share dividends
Which is an advantage of issuing bonds versus issuing stock : Which is an advantage of issuing bonds versus issuing stock? The accounts, in alphabetical order, appear on the trial balance for a company. What is the total?
How much will Jun receive : Noncash assets valued at P2,000,000 were sold for P1,325,000. Liabilities of P200,000 were paid. How much will Jun receive
How much warranty work was performed : 1% of sales is the estimated warranty cost. The ending balance of the warranty liability was $35,000 (credit). How much warranty work was performed?
Prepare the necessary journal entries as at December : They each have P200,000 capital balances, and they share profits and losses in a 3:1 ratio, Prepare the necessary journal entries as at December 31, 2016
Which deposits held as compensating balances : If a firm has two bank accounts in the same bank and the other has a positive cash balance while the other is overdraft, the overdraft is?
What amount of gain shall be recognized at December : What amount of gain shall be recognized at December 31, 2019 as a result of the increase in the fair value less cost to sell of the asset
Which should not be considered cash : Which should not be considered cash? Which of the following is incorrect with regard to the valuation of cash and cash equivalents?
How much is the investment property to be presented : Land held for a currently determined future use- P300,000. How much is the Investment Property to be presented in the statement of financial position

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute basic earnings per share

ABC, Inc. had 50,000 shares of common stocks outstanding at January 1, 2013. On March 31,2013, an additional 12,000 shares were sold for cash. Megan also had $4,000,000 of 6% convertible bonds outstanding throughout the year.

  What is the company gross profit margin

It had a cost of goods sold (COGS) of $20,000,000 and $6,000,000 in non-specific additional expenses. What is the company's gross profit margin?

  What is the capital gain yield of Kevin investment

Kevin bought a share one year ago at a price of $ 20.5 and sells it today at $ 26.3 after receiving a dividend of 80 cents. What is the capital gain yield

  Analyze importance of quality in a firms financial statement

Analyze the importance of quality in a firm's financial statements and how you would go about evaluating the quality of a firm's financial statement.

  What would be the price of three-month european put option

Consider a non-dividend-paying stock with current share.What would be the price of the three-month European put option on the stock with a strike price of 160p.

  What are the implications of the non-recognition

What are the implications of the non-recognition of internally generated intangible assets (such as research costs) on the agency

  What is the price of the bonds with five years to maturity

Why the current market values of the bonds differ even though they have the same coupon payments. What is the price of the bonds with 5 years to maturity?

  What is the shareholders equity on December

The entity restricted P300,000 of retained earnings for the purchase of the machine. What is the shareholders equity on December

  What is best guess as to the rate of return on the stock

If the market return this year turns out to be 6 percentage points below expectations, what is your best guess as to the rate of return on the stock?

  What is the tax savings from the special tax treatment

Daniel is considering selling two stocks that have not fared well over recent years. A friend recently informed Daniel that one of his stocks has a special designation, which allows him to treat a loss up to $34,000 on this stock as an ordinary loss ..

  Prepare the journal entries for the financial reorganization

Prepare the journal entries for the financial reorganization of Loyalty Contractors. Loyalty Contractors has been experiencing financial

  Actual change versus change excluding impairment losses

The Nomura Securities stock report claims that "Operating profits fell 3%, but rose 11% after adjusting for impairment losses." Why do you think Nomura highlighted the difference between actual change versus change excluding impairment losses

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