A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000 Other assets: 238,000 Liabilities: 80,000 A, Capital: 88,000 B, Capital: 62,000 C, Capital: 56,000 On the first month of liquidation, certain non- cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine total payment to partners on the initial installment.
A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000 Other assets: 238,000 Liabilities: 80,000 A, Capital: 88,000 B, Capital: 62,000 C, Capital: 56,000 On the first month of liquidation, certain non- cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine total payment to partners on the initial installment.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 5CE
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Question
![A balance sheet for the partnership of A, B,
and C, who share profits 2:1:1, shows the
following balances just before liquidation:
Cash: P48,000
Other assets: 238,000
Liabilities: 80,000
A, Capital: 88,000
B, Capital: 62,000
C, Capital: 56,000
On the first month of liquidation, certain non-
cash assets were sold resulting to a loss of
P23,000. Liquidation expenses of P4,000
were paid, and additional liquidation expenses
of P3,200 are withheld to anticipate payment
before liquidation is completed. After
creditors were paid, partner B received
P13,000 on the initial installment.
Determine total payment to partners on the
initial installment.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6593e090-7919-4ca5-9b4f-b85c7db31238%2F068c023a-13e5-4d37-b615-1b385025a2de%2F427log3_processed.png&w=3840&q=75)
Transcribed Image Text:A balance sheet for the partnership of A, B,
and C, who share profits 2:1:1, shows the
following balances just before liquidation:
Cash: P48,000
Other assets: 238,000
Liabilities: 80,000
A, Capital: 88,000
B, Capital: 62,000
C, Capital: 56,000
On the first month of liquidation, certain non-
cash assets were sold resulting to a loss of
P23,000. Liquidation expenses of P4,000
were paid, and additional liquidation expenses
of P3,200 are withheld to anticipate payment
before liquidation is completed. After
creditors were paid, partner B received
P13,000 on the initial installment.
Determine total payment to partners on the
initial installment.
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