Please help me answer the questions with solutions in good form. Thank you. 8. J, L and V are partners sharing profits 30%, 20% and 50% and withcapital balances of P350,000, P250,000 and P350,000, respectively. Thatpartners agreed to dissolve their partnership and upon liquidation, all ofthe partnership's assets are sold and sufficient cash is realized to pay allclaims except one for P50,000. V is personally insolvent, but the othertwo partners are capable for meeting any indebtedness of the firm. Ofthe remaining claim against the firm, J is to absorb:P15,000P25,000P30,000O P40,0009. 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 asevidenced by a promissory note. Upon liquidation, cash of P300,000becomes available for distribution to the partners. In the final distribution,the respective shares of S and T will be:P150,000 and P150,000P175,000 and P125,000P200,000 and P100,000P275,000 and P25,000 10. Tanya, Ursula and Vanessa are partners sharing profit and losses in theratio 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 interestupon liquidation of the partnership, the total amount received by all thepartners was:P17,000P32,000P113,000P96,000

Partnership business means where two or more person comes together to do the business and share the…

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

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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