Docsity
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Docsity AI
Docsity AI
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search for your university

Find the specific documents for your university's exams

Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

INTERMEDIATE ACCOUNTING 3, Study notes of Accounting

Hong Kong Polytechnic UniversityAccounting

ASSIGNMENT FOR PARTNERSHIP LIQUIDATION

Typology: Study notes

2024/2025

Uploaded on 03/25/2025

anabelle-ebro
anabelle-ebro 🇭🇰

2 documents

1 / 5

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
ACCOUNTING FOR SPECIAL TRANSACTIONS
MIDTERM_ASSIGN4
Round off to the nearest peso (whole number)
1. How much cash was received by K as final settlement of his interest?
2. How much cash was received by G as final settlement of his interest?
3. How much cash was received by B as final settlement of his interest?
4. How much was the cash contributed by B?
5. How much cash was contributed by G?
pf3
pf4
pf5

Partial preview of the text

Download INTERMEDIATE ACCOUNTING 3 and more Study notes Accounting in PDF only on Docsity!

ACCOUNTING FOR SPECIAL TRANSACTIONS

MIDTERM_ASSIGN 4

Round off to the nearest peso (whole number)

**_1. How much cash was received by K as final settlement of his interest?

  1. How much cash was received by G as final settlement of his interest?
  2. How much cash was received by B as final settlement of his interest?
  3. How much was the cash contributed by B?
  4. How much cash was contributed by G?_**

**_6. What was the selling price for the realization of the other assets?

  1. The total gain on realization is?
  2. How much did JJ receive upon full settlement of his interest?
  3. How much did KK received upon full settlement of his interest?
  4. How much gain or loss did LL realized?_**
  5. A and B decided to liquidate their partnership. The partnership’s records show the following information: Cash - Non-cash assets 80, Total assets 80, Liabilities 15, Loan payable to Partner A 10, Loan payable to Partner B 17, A, capital (80%) 20, B, capital (20%) 18, Total liabilities and equity 80, The non-cash assets are to be sold in installments and the partners’ claims are to be settled as cash becomes available. In the first sale, half of the non-cash assets were sold for ₱15,000. How much did A and B receive in the first cash distribution? A B a. 7,000 8, b. 2,000 13, c. 5,000 10, d. 0 0
  1. How much did A receive from the settlement of his capital balance? a. 608, b. 112, c. 806, d. 0 Use the following information for the next three questions: On January 1, 20x1, A and B, who share profits and losses on a 60:40 ratio, decided to liquidate their partnership. After all the non-cash assets of the partnership were sold for ₱760,000 and all the ₱120, liabilities were settled, the partners had ₱720,000 to distribute among themselves. A received ₱112,000 in the settlement of his ₱400,000 capital balance.
  2. How much was the total assets immediately before liquidation? a. 1,420,000 c. 1,330, b. 1,280,000 d. 1,320,
  3. How much was the beginning capital balance of B? a. 800,000 c. 720, b. 1,600,000 d. 600,
  4. How much did B receive in the settlement of his capital account? a. 680,000 c. 720, b. 660,000 d. 608,
  5. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership on installment basis. Distributions to partners shall be made as cash becomes available. The following information was made available: Dr. Cr. Cash 80, Accounts receivable 240, Receivable from C 40, Inventory 480, Equipment 1,200, Accounts payable 120, Payable to B 80, A, Capital (20%) 400, A, Drawings 80, B, Capital (30%) 600, C, Capital (50%) 800, C, Drawings 120, Totals 2,120,000 2,120, During January, non-cash assets with carrying amount of ₱520,000 were sold for ₱240,000. The cost of disposal was ₱80,000. All of the partners are personally insolvent. How much did B receive in the partial settlement of his capital account? a. 32,000 c. 140, b. 120,000 d. 0
  1. ABC Co. is undergoing liquidation. Information before the start of the liquidation process is as follows: Cash 10,000 Accounts payable 80, Accounts receivable 80,000 Payable to B 20, Receivable from A 10,000 A, Capital (50%) 250, Inventory 180,000 B, Capital (30%) 150, Equipment, net 320,000 C, Capital (20%) 100, Total 600,000 Total Liab. & Equity 600, The total cash distributed to the partners after the first and second sales of noncash assets were ₱12,000 and ₱30,000, respectively. How much cash did B receive in the first cash distribution? a. 12,000 c. 3, b. 8,000 d. 0