Reference no: EM133147990
Questions -
Q1. On January 1, 20x1, A and B, who share profits and losses on a 60:40 ratio, decided to liquidate their partnership. As of this date, their capital balances were 1,200,000 and 600,000, respectively. Before liquidation, the partnership had total assets of 2,000,000. Net proceeds received from the sale of non-cash assets amounted to 1,200,000. A received 768,000 in the settlement of the partners' capital balances.
1. How much is the total loss on the sale of partnership assets?
a. 432,000
b. 720,000
b. 868,000
d. 0
2. How much did B receive in the settlement of his capital balance?
a. 218,000
b. 280,000
c. 312,000
d. 0
3. How much were the total liabilities of the partnership?
a. 320,000
b. 200,000
c. 180,000
d. 50,000
4. How much was the balance of cash before the sale of non-cash assets?
a. 80,000
b. 60,000
c. 40,000
d. 0
Q2. On January 1, 20x1, A and B decided to liquidate their partnership. As of this date, their capital balances were 400,000 and 800,000, respectively. The partners share in profits and losses on a 60:40 ratio. Before liquidation, the partnership had 80,000 cash and 120,000 liabilities. The partnership incurred loss of 480,000 on the sale of non-cash assets. A is solvent but B is insolvent.
1. How much did A receive from the settlement of his capital balance?
a. 608,000
b. 112,000
c. 806,000
d. 0
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