User Account

All Pages

What lisa capital account will be

Assignment Help Financial Accounting
Reference no: EM132904274

Problem 1: Partners Lorie and Lisa each have a P450,000 capital balance and share profits and losses in a 3:2 ratio, respectively. Cash equals P150,000, non-cash assets equal P1,500,000, and liabilities equal P750,000. If the non-cash assets are sold for P1,000,000, then Lisa's capital account will be

a. Increase of P500,000
b. Decrease of P250,000
c. Decrease of P200,000
d. Increase of P400,000

Reference no: EM132904274

Questions Cloud

How long will be before sales double for blossom sales co : If the company's management expects sales to grow 4.50 percent annually, how long will it be before sales double? Use financial calculator to solve problem.
Compute what will be the return on investment : If all goes according to plan, find what will be the return on your investment? You have $3,000 that you want to invest in your classmate's start-up.
How long will take to double money : You invest $230 in a mutual fund today that pays 6.50 percent interest annually. Find how long will it take to double your money?
How much is the total capital deficiency : How much is the total capital deficiency? Parties agreed to fully terminate the partnership's business thus, necessitating distribution of cash to partners.
What lisa capital account will be : If the non-cash assets are sold for P1,000,000, then Lisa's capital account will be? Partners Lorie and Lisa each have a P450,000 capital balance
What mac is to absorb : On the remaining claim against the partnership, Mac is to absorb? Mac, Dan and Pan are partners with capital balances of P350,000, P250,000, and P350,000
What the cash priority of mary over rose is : What the cash priority of MARY over ROSE is? MARY, PAMELA ANN, and ROSE ANN are partners dividing profit and losses of the partnership in the agreed ratio.
How much cash should june receive : How much cash should June receive? Assuming that the actual liquidation expenses are P16,800 and that the noncash assets with a book value of P240,000
How much is the cash received by partner percy : How much is the cash received by partner PERCY? MACY, PERCY and PROCY, partners sharing profits and losses based on 4:4:2 decided to liquidate.

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