Beruflich Dokumente
Kultur Dokumente
Partnership – Part 4
2. D
3. Solutions:
1
Checking:
Available cash (from sale) 50,000
Outside creditors (15,000)
Available cash for distribution to partners 35,000
Checking:
Available cash (from 1st sale) 45,000
Outside creditors (15,000)
Available cash for distribution to partners 30,000
2
Answer: The partners receive nothing from the 1st sale.
Checking:
Available cash (from sale) 15,000
Outside creditors (15,000)
Available cash for distribution to partners -
4. Solutions:
Checking:
Available cash (20K on hand + 360K from sale) 380,000
Outside creditors (30,000)
Available cash for distribution to partners 350,000
3
A (60%) B (40%) Totals
Capital balances before liquidation 250,000 200,000 450,000
Payable to (Receivable from) partners (10,000) 20,000 10,000
Total 240,000 220,000 460,000
Allocation of loss
(262,200) (174,800) (437,000)
(-437K x 60%); (-437K x 40%)
Total (22,200) 45,200 23,000
Allocation of deficiency to other partner 22,200 (22,200) -
Amount received by partners - 23,000 23,000
Checking:
Available cash (20K on hand + 33K from sale, net) 53,000
Outside creditors (30,000)
Available cash for distribution to partners 23,000
1. Solution:
Net cash proceeds 32,000
Carrying amount of non-cash assets (40,000)
Total loss on sale (8,000)
2. Solution:
4
Amounts received by the partners 16,000 1,000 17,000
3. Solution:
Net proceeds 300,000
Carrying amt. of other assets (450,000)
Loss (150,000)
4. Solutions:
Checking:
Available cash (on hand + from sale, net) 20K + 45K 65,000
Outside creditors (15,000)
Available cash for distribution to partners 50,000
5
A (80%) B (20%) Totals
Capital balances before liquidation 36,000 22,000 58,000
Loans payable to partners 10,000 17,000 27,000
Total 46,000 39,000 85,000
Allocation of loss
(32,000) (8,000) (40,000)
(-40K x 80%); (-40K x 20%)
Amounts received by the partners - 1st sale 14,000 31,000 45,000
Checking:
Available cash (on hand + from 1st sale, net) 20K + 40K 60,000
Outside creditors (15,000)
Available cash for distribution to partners 45,000
5. Solutions:
6
Estimated liquidation costs (5,000)
Net proceeds 215,000
Carrying amt. of all non-cash assets,
(650,000)
except Receivable from B (180K + 160K +310K)
Loss (435,000)