Alternative Profit And Loss Sharing Ratios In Partnership Liquidation Homework Help
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1.Nelson, Osman, Peters, and Quincy have decided to terminate their partnership because of recurrent arguments among the partners. The partnership’s balance sheet when they decide to wind up follows
During the winding-up of the partnership, the other assets were sold for $100,000 and the accounts payable were paid. Osman and Peters are personally solvent, but Nelson and Quincy are personally insolvent.
Determine the amount of cash each partner will receive from the final distributions of the partnership for each of the following independent cases of profit and loss ratios for Nelson, Osman, Peters, and Quincy respectively
|Assets||Liabilities and Equitie||s|
|Cash||$ 40,000||Liabilities||$ 50,000|
|Adams, Loan||10,000||Adams, Capital||55,000|
|Other Assets||200,000||Peters, Capital||75,000|
|Total Assets||$250,000||Total Liabilities & Equities||$250,000|
a. The partners share profits and losses in the ratio of 3:3:2:2.
b . The partners share profits and losses in the ratio of 3:1:3:3.
c. The partners share profits and losses in the ratio of 3:1:2:4.
2.Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following account balances
Maness and Joiner share profits and losses in an 8:2 ratio. During the first month of liquidation, half the inventory was sold for $40,000, and $10,000 of the accounts payable was paid. During the second month, the rest of the inventory was sold for $30,000, and the remaining accounts payable were paid. Cash was distributed at the end of each month, and the liquidation was completed at the end of the second month.
Prepare a statement of partnership realization and liquidation with a schedule of safe payments for the two-month liquidation period.
3.Bracken, Louden, and Menser, who share profits and losses in a ratio of 4:3:3, respectively are partners in a home decorating business that has not been able to generate the income the partners had hoped for. They have decided to liquidate the business and have sold all assets except for their decorating equipment. All partnership liabilities have been settled and all the partners are personally insolvent. The decorating equipment has a book value of $40,000, and the partners have capital account balances as follows
Determine the amount of cash each partner will receive as a liquidating distribution if the decorating equipment is sold for the amount stated in each of the following independent cases?
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4.A, B and C are partners sharing profits and losses in the ratio 9:4:3. They took joint life policy of Rs. 25,000 for A, Rs. 20,000 for B and Rs. 51,000 for C. What is the share of C in the JLP amount?
5.A and B are partners sharing profits and losses in the ratio of 3:2 (A’s Capital is Rs. 30,000 and B’s Capital is Rs. 15,000). They admitted C agreed to give 1/5th share of profits to him. How much C should bring in towards his capital?
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