4. A, B, C, and D are partners, sharing earning in the ratio of 3/21, 4/21, 6/21, and 8/21, respectively. The balances of their capital accounts on December 31, 20x1 are as follows: A B C D P1,000 25,000 25,000 9,000 P60,000 The partners decide to liquidate, and they accordingly convert the on-cash assets into P23,200 cash. After paying the liabilities amounting to P3,000, they have P22,000 to divide. Assume that a debit balance of any partner's capital is uncollectible. The share of B in the cash distribution to the partners was: (round-off answer)

4. A, B, C, and D are partners, sharing earning in the ratio of 3/21, 4/21, 6/21, and 8/21, respectively. The balances of their capital accounts on December 31, 20x1 are as follows: A B C D P1,000 25,000 25,000 9,000 P60,000 The partners decide to liquidate, and they accordingly convert the on-cash assets into P23,200 cash. After paying the liabilities amounting to P3,000, they have P22,000 to divide. Assume that a debit balance of any partner's capital is uncollectible. The share of B in the cash distribution to the partners was: (round-off answer)

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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