17. A and B decided to liquidate their partnership. The partnership's records show the following information: Cash Liabilities 15,000 10,000 Non-cash assets 80,000 Loan payable to A LEGA Page I 6 Loan payable to B A, capital (80%) B, capital (20%) Total liabilities and equity 17,000 20,000 18,000 80,000 Total assets 80,000 All the non-cash assets are sold for P50,000. If B received P29,000 in the cash distribution to the partners, how much did A receive? а. 30,000 b. 22,600 c. 9,400 d. 6,000
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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