Answer Happy

1.) A, B and C decided to liquidate their partnership on May 31, 2022. On this date their capital balances and profit sharing ratio were as follows: A-P150,000 -40% B-P180,000-30% C-P 60,000-30% The net income from January 1 to May 31, 2022 was P132,000. Also on May 31, 2022, the partnership cash and liabilities, respectively, were P120,000 and P270,000. For A to receive P165,600 in full settlement of his interest, how much must be realized from the sale of partnership's non-cash assets? 2.) Adorable, Beautiful and Careful are partners who share profits and losses 5:3:2, respectively. They decided to liquidate their partnership. Below is the statement of financial position: Cash 50,000 Other Assets 250,000 Accounts Payable 60,000 Adorable, Capital 80,000 Beautiful, Capital 90,000 Careful, Capital 70,000 The first sale of non-cash assets with book value of P150,000. At this time, the partnership paid creditors of P50,000 and liquidation expenses of P5,000. The partnership also withheld P10,000 for possible liquidation expenses. Beautiful received P48,000 in the first cash distribution. How much is the proceeds from the sale of non-cash assets? 3.) ABC and XYZ have been operating an accounting firm as partners for a number of years and at the beginning of 2021, | their capital balances were P85,000 and P70,000, respectively. During 2021, ABC invested an additional P10,000 on April 1 and withdrew P5,000 on August 30. XYZ withdrew P12,000 on May 1 and invested P12,000 on November 1. In addition, ABC and XYZ withdrew their salary allowances of P18,000 and P24,000, respectively. At year-end 2021 total capital of the ABC and XYZ partnership was P182,000. ABC and XYZ share income after salary allowances in a 60:40 ratio. The ending capital of ABC: