8. J, L and V are partners sharing profits 30%, 20% and 50% and with capital balances of P350,000, P250,000 and P350,000, respectively. That partners agreed to dissolve their partnership and upon liquidation, all of the partnership's assets are sold and sufficient cash is realized to pay all claims except one for P50,000. V is personally insolvent, but the other two partners are capable for meeting any indebtedness of the firm. Of the remaining claim against the firm, J is to absorb: O P15,000 P25,000 P30,000 O P40,000
8. J, L and V are partners sharing profits 30%, 20% and 50% and with capital balances of P350,000, P250,000 and P350,000, respectively. That partners agreed to dissolve their partnership and upon liquidation, all of the partnership's assets are sold and sufficient cash is realized to pay all claims except one for P50,000. V is personally insolvent, but the other two partners are capable for meeting any indebtedness of the firm. Of the remaining claim against the firm, J is to absorb: O P15,000 P25,000 P30,000 O P40,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:8. J, L and V are partners sharing profits 30%, 20% and 50% and with
capital balances of P350,000, P250,000 and P350,000, respectively. That
partners agreed to dissolve their partnership and upon liquidation, all of
the partnership's assets are sold and sufficient cash is realized to pay all
claims except one for P50,000. V is personally insolvent, but the other
two partners are capable for meeting any indebtedness of the firm. Of
the remaining claim against the firm, J is to absorb:
P15,000
P25,000
P30,000
O P40,000
9. S and T are partners sharing profits equally and with capital balances,
respectively, if P750,000 and P500,000. The firm owes T P200,000 as
evidenced by a promissory note. Upon liquidation, cash of P300,000
becomes available for distribution to the partners. In the final distribution,
the respective shares of S and T will be:
P150,000 and P150,000
P175,000 and P125,000
P200,000 and P100,000
P275,000 and P25,000
Transcribed Image Text:10. Tanya, Ursula and Vanessa are partners sharing profit and losses in the
ratio 6:4:2 and with capital balances of P55,000, P40,000 and P18,000,
respectively. If Ursula received P8,000 as final settlement of her interest
upon liquidation of the partnership, the total amount received by all the
partners was:
P17,000
P32,000
P113,000
P96,000
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