Homework Help is Here – Start Your Trial Now!
Business
Accounting
36. Dr. E, Dr. F and Dr. G are partners with capital balance of P700,000, P500,000 and P700,000 and sharing profits 30%, 20%and 50% respectively. Partners agree to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P50,000. Dr. G is personally insolvent, but the other two partners are able to meet any indebtedness to the firm. On the remaining claim against the partnership, Dr. E is to absorb.  A. 80,000 B. 30,000 C. 60,000 D. 50,000

36. Dr. E, Dr. F and Dr. G are partners with capital balance of P700,000, P500,000 and P700,000 and sharing profits 30%, 20%and 50% respectively. Partners agree to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P50,000. Dr. G is personally insolvent, but the other two partners are able to meet any indebtedness to the firm. On the remaining claim against the partnership, Dr. E is to absorb.  A. 80,000 B. 30,000 C. 60,000 D. 50,000

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

36. Dr. E, Dr. F and Dr. G are partners with capital balance of P700,000, P500,000 and P700,000 and sharing profits 30%, 20%and 50% respectively. Partners agree to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P50,000. Dr. G is personally insolvent, but the other two partners are able to meet any indebtedness to the firm. On the remaining claim against the partnership, Dr. E is to absorb. 

A. 80,000
B. 30,000
C. 60,000
D. 50,000

Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Liquidation of Companies
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
  • SEE MORE 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