47. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: 30,000 Cash Accounts receivable Inventory Furniture & fixtures, net Total Accounts payable A, Capital (70%) B, Capital (30%) Total 380,000 260,000 120,000 790,000 165,0 00 350,00 0 275,00 0 790,00 0 C offered to buy for P760,000 the partnership assets including liabilities but excluding cash and after certain assets are to be restated to their fair values as follows: Accounts receivable, P350,000 Inventory, P250,000 Furniture, P135,000 How much will A and B receive as final settlement of their partnership interests? a. 570,000 c. 790,000 b. 760,000 d. 625,000

47. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: 30,000 Cash Accounts receivable Inventory Furniture & fixtures, net Total Accounts payable A, Capital (70%) B, Capital (30%) Total 380,000 260,000 120,000 790,000 165,0 00 350,00 0 275,00 0 790,00 0 C offered to buy for P760,000 the partnership assets including liabilities but excluding cash and after certain assets are to be restated to their fair values as follows: Accounts receivable, P350,000 Inventory, P250,000 Furniture, P135,000 How much will A and B receive as final settlement of their partnership interests? a. 570,000 c. 790,000 b. 760,000 d. 625,000

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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