Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. Done is as follows: one Partnership is undergoing liquidation. Information on Cash Accounts receivable Receivable from A 20,000 Accounts payable 60,000 Payable to B 10,000 A; Capital (60%) 120,000 B, Capital (40%) 290,000 500,000 Total Liab. & Equity 30,000 20,000 250,000 Inventory Equipment, net Total 200,000 500,000

1. Done is as follows: one Partnership is undergoing liquidation. Information on Cash Accounts receivable Receivable from A 20,000 Accounts payable 60,000 Payable to B 10,000 A; Capital (60%) 120,000 B, Capital (40%) 290,000 500,000 Total Liab. & Equity 30,000 20,000 250,000 Inventory Equipment, net Total 200,000 500,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
1. Done Partnership is undergoing liquidation. Information on Done is as follows: 20,000 Accounts payable 60,000 Payable to B 10,000 A; Capital (60%) 120,000 B, Capital (40%) 290,000 Cash 30,000 Accounts receivable Receivable from A 20,000 250,000 Inventory Equipment, net 200,000 Total 500,000 Total Liab. & Equity 500,000
Transcribed Image Text:1. Done Partnership is undergoing liquidation. Information on Done is as follows: 20,000 Accounts payable 60,000 Payable to B 10,000 A; Capital (60%) 120,000 B, Capital (40%) 290,000 Cash 30,000 Accounts receivable Receivable from A 20,000 250,000 Inventory Equipment, net 200,000 Total 500,000 Total Liab. & Equity 500,000
Case 1: Lump-sum liquidation The non-cash assets were realized as follows: a. Only 70% of the accounts receivable was collected; the balance is uncollectible. b. P20,000 was received for the entire inventory. c. The equipment was sold for P310,000. d. P12,000 liquidation expenses were paid. Requirement: Compute for the cash distributions to the partners.
Transcribed Image Text:Case 1: Lump-sum liquidation The non-cash assets were realized as follows: a. Only 70% of the accounts receivable was collected; the balance is uncollectible. b. P20,000 was received for the entire inventory. c. The equipment was sold for P310,000. d. P12,000 liquidation expenses were paid. Requirement: Compute for the cash distributions to the partners.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS