Reference no: EM133138732

Question - Andres, Tomas and Moises are partners of ATM partnership. They decided to liquidate on March 31 of the current year. On this date, they have non- cash assets of P530,000 and liabilities of P250, 000, including loan payable to Moises of P50,000. Andres, Tomas and Moises have capital balances of P80,000, P130,000 and P90,000, respectively. Profits and loss are shared 3:3:4 for Andres, Tomas and Moises. All partners are solvent.

1. Assuming the non-cash assets are sold 25% less from its book value, how much is the capital balance of Moises after the realization of non-cash assets?

2. Assuming the non-cash assets are sold 25% more than its book value, how much did Moises receive in the final distribution of cash?

3. Assuming the non-cash assets are sold 25% less from its book value, how much did much Andres receive in the final distribution of cash?

4. Assuming the non-cash assets are sold 25% more than its book value, how much did Tomas receive in the final distribution of cash?

5. Assuming the non-cash assets are sold at their book value, how much did Tomas receive in the final distribution of cash?

6. if Moises received P25,000 in final settlement, how much did Andres receive in the final distribution of cash?

7. if Moises received P25,000 in final settlement, how much is the total interest of Moises in the partnership that he received for cash?

8. Assuming the non-cash assets are sold at their book value, how much is total cash distributed to partners in settlement of their capital interest?

9. Assuming the non-cash assets are sold 25% less from its book value, what is the entry to record the realization of non-cash assets?