12. Apple and Mac are partners sharing profits equally and with capital balances of P750,000 and P500,000 respectively. The firm owes Mac P200,000 as evidenced by a promissory note. Upon liquidation, cash of P300,000 becomes available for distribution to the partners. Both partners are personally solvent but Apple is the only general partner. In the final distribution, the respective shares of Apple and Mac will be: A. P100,000; P200,000 B. P150,000; P150,000 C. P175,000; P125,000 D. P275,000; P 25,000
12. Apple and Mac are partners sharing profits equally and with capital balances of P750,000 and P500,000 respectively. The firm owes Mac P200,000 as evidenced by a promissory note. Upon liquidation, cash of P300,000 becomes available for distribution to the partners. Both partners are personally solvent but Apple is the only general partner. In the final distribution, the respective shares of Apple and Mac will be: A. P100,000; P200,000 B. P150,000; P150,000 C. P175,000; P125,000 D. P275,000; P 25,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Apple and Mac are partners sharing profits equally and with capital balances of P750,000 and P500,000 respectively. The firm owes Mac P200,000 as evidenced by a promissory note. Upon liquidation, cash of P300,000 becomes available for distribution to the partners. Both partners are personally solvent but Apple is the only general partner. In the final distribution, the respective shares of Apple and Mac will be?
Transcribed Image Text:ponse
12. Apple and Mac are partners sharing profits equally and with capital
balances of P750,000 and P500,000 respectively. The firm owes Mac
2.
P200,000 as evidenced by a promissory note. Upon liquidation, cash of
P300,000 becomes available for distribution to the partners. Both
partners are personally solvent but Apple is the only general partner. In the
final distribution, the respective shares of Apple and Mac will be:
A. P100,000; P200,000
B. P150,000; P150,000
C. P175,000; P125,000
D. P275,000; P 25,000
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