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Notes in Acstr11

The partnership of Bo and By had net assets of P169,000 after 5 years of operation. Bo's capital account was P110,500 and By's was P58,500. If the net assets were liquidated at book value, Bo would receive P110,500 and By would receive P58,500.

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167 views

Notes in Acstr11

The partnership of Bo and By had net assets of P169,000 after 5 years of operation. Bo's capital account was P110,500 and By's was P58,500. If the net assets were liquidated at book value, Bo would receive P110,500 and By would receive P58,500.

Uploaded by

Gray Javier
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Notes in Acstran

17. After operating for five years, the books of the partnership of Bo and By showed the
following
balances:
Net assets P169,000
Bo, capital 110,500
By, capital 58,500
If liquidation takes place at this point and the net assets are realized at book value, the
partners are entitled to:
a. Bo to receive P117,000 & By to receive P52,000
b. Bo to receive P126,750 & By to receive P42,250
c. Bo to receive P84,500 & By to receive P84,500
d. Bo to receive P110,500 & By to receive P58,500 Dayag 2013
18. The following condensed balance sheet is presented for the partnership of AA, BB,
and CC,
who share profits and losses in the ratio of 4:3:3, respectively:
Cash P160,000
Other assets 320,000
Total P480,000
Liabilities P180,000
AA, capital 48,000
BB, capital 216,000
CC, capital ■ 36,000
Total P480,000
ADVANCED ACCOUNTING
Partnership Liquidation & Incorporations - MCQ Problems Page 8
The partners agreed to dissolve the partnership after selling the other assets for
P200,000.
Upon dissolution of the partnership. AA should have received.
a. 0 c. 72,000
b. 48,000 d. 84,000 Dayag 2013
19. The following balance sheet is presented for the partnership of A, B, and C, who
share profits
and losses in the respectively ratio of 5:3:2.
Assets Liabilities and Capital
Cash 120,000 Liabilities 280,000
Other assets 1,080,000 A, capital 560,000
B, capital 320,000
C, capital 40,000
Total 1,200,000 Total 1,200,000
Assume that the three partners decided to liquidate the partnership. If the other assets
are
sold for P800,000, how should the available cash be distributed to each partner?
ABC
a. 280,000 320,000 40,000
b. 324,000 236,000 16,000
c. 410,000 230,000 0
d. 412,000 228,000 0

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