2. The partnership of AAA, BBB, and CCC was dissolved on June 30, 2020 and account balances after realization of non-cash assets on September 1, 2020 are as follows: Cash Accounts payable AAA, Capital (30%) BBB, Capita130%) CCC, Capital (40%) P 50,000 120,000 90,000 (60,000) (100,000) Personal assets and liabilities of the partners at September 1, 2020 are: Liabilities P90,000 61,000 80,000 Assets P80,000 AAA BBB 100,000 192.000 CCC If CCC contributes P70, 000 to the partnership to provide cash to pay the creditors, what amount of AAA's P90,000 partnership equity would appear to be recoverable?
2. The partnership of AAA, BBB, and CCC was dissolved on June 30, 2020 and account balances after realization of non-cash assets on September 1, 2020 are as follows: Cash Accounts payable AAA, Capital (30%) BBB, Capita130%) CCC, Capital (40%) P 50,000 120,000 90,000 (60,000) (100,000) Personal assets and liabilities of the partners at September 1, 2020 are: Liabilities P90,000 61,000 80,000 Assets P80,000 AAA BBB 100,000 192.000 CCC If CCC contributes P70, 000 to the partnership to provide cash to pay the creditors, what amount of AAA's P90,000 partnership equity would appear to be recoverable?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What amount of AAA’s P90,000
Transcribed Image Text:2. The partnership of AAA, BBB, and CCC was
dissolved on June 30, 2020 and account
balances after realization of non-cash assets
on September 1, 2020 are as follows:
P 50,000
120,000
90,000
(60,000)
(100,000)
Cash
Accounts payable
AAA, Capital (30%)
BBB, Capita130%)
CCC, Capital (40%)
Personal assets and liabilities of the partners at
September 1, 2020 are:
Assets
P80,000
100,000
192,000
Liabilities
P90,000
61,000
80,000
AAA
BBB
CCC
If CCC contributes P70, 000 to the partnership
to provide cash to pay the creditors, what
amount of AAA's P90,000 partnership equity
would appear to be recoverable?
Your answer
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education