User Account

All Pages

What is the gain or loss on realization

Assignment Help Financial Accounting
Reference no: EM132892417

AA, BB, CC and DD are partners sharing profits in the ratio of 3:4:6:8, respectively. Their capital balances on December 31, 2019 are as follows:

AA = P500; BB = P12,500; CC = P12,500; and DD = P4,500

The partners decide to liquidate their firm and they accordingly convert the non-cash assets into P11,600 cash. After paying liabilities of P1,500, they have P11,100 to divide.

Problem 1: What is the gain (loss) on realization?

Reference no: EM132892417

Questions Cloud

Discuss the concept of the efficient market hypothesis : Discuss the concept of the Efficient Market Hypothesis (EMH) and each of its three forms. discuss the degree to which existing empirical evidence
What is the effect of having collateral to expected loss : What is the effect of having collateral to Expected Loss? What is the effect of an increase in Debt-to-Income Ratio to Expected Loss
Description of enterprise risk management : Description of enterprise risk management. Why do you feel ERM is different from traditional risk management?
What amount should be reported as gain from lawsuit : ABC Company provided the following selected transactions related to contingencies. What amount should be reported as gain from lawsuit in 2018
What is the gain or loss on realization : What is the gain (loss) on realization? The partners decide to liquidate their firm and they accordingly convert the non-cash assets into P11,600 cash.
Protections for data in process : Are protections for Data In Process more likely to be found in an application or an operating system?
Determine the cost of closing stock : Nice-Night produces and sales single product called comfort bed sheets. Determine the cost of closing stock under marginal and absorption costing
What is the profit for the mine in aud : What is the profit/loss for the mine in AUD? Suppose the Dhumpuma Plateau mine produces 500,000 of bauxite in a particular year.
David alleged industrial espionage : What steps might have been taken to detect David's alleged industrial espionage? What steps might have been taken to prevent his perpetrating such an offense?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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