Notes in Acstran

20. The following condensed balance sheet is presented for the partnership of wILLY
and Wonka,
who share profits and losses in the ratio of 60:40, respectively:
Other assets P450,000
Smith, loan 20,000
P470,000
Accounts payable P120,000
Smith, capital 195,000
Jones, capital 155,000
P470,000
The partners decided to liquidate the partnership. If the other assets are sold for
P385,000,
what amount of the available cash should be distributed to Smith?
a. 136,000 c. 159,000
b. 156,000 d. 195,000 Punzalan 2014
Partnership Liquidation & Incorporations
Partnership Liquidation & Incorporations - MCQ Problems Page 9
21. Wendy and Kel, who share profits and losses equally, decided to liquidate their
partnership
when their net assets amounted to P260,000, and capital balances of P170,000 and
P90,000,
respectively.
If the noncash assets were sold for amount equal to its book value, what amount of
cash should
Peter and John received?
PeterJohn
a. 130,000 130,000
b. 170,000 90,000
c. 180,000 80,000
d. 195,000 65,000 Punzalan 2014
The following condensed balance sheet is presented for the partnership of Axel, Barr,
and Cain,
who share profits and losses in the ratio of 4:3:3, respectively:
Cash P100,000
Other assets 300,000
Total P400,000
Liabilities P150,000
Axel, capital 40,000
Barr, capital 180,000
Cain, capital 30,000
Total P400,000

22. The partners agreed to dissolve the partnership after selling the other asset for
P200,000. Upon dissolution of the partnership, Kurt should have received
a. 0 c. 60,000
b. 40,000 d. 70,000