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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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