A balance sheet for the partnership of KK, LL and MM, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash Other assets 238,000 KK, Cap. 88,000 LL. Cap.. MМ. Сар 56,000 Liab. 48,000 80,000 62,000 In the first month of liquidation, P128,000 was received on the sale of certain assets. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are anticipated before liquidation is completed. Creditors were paid P22,400. The available cash was distributed to the partners. The cash to be received by each partner based on the above data:
A balance sheet for the partnership of KK, LL and MM, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash Other assets 238,000 KK, Cap. 88,000 LL. Cap.. MМ. Сар 56,000 Liab. 48,000 80,000 62,000 In the first month of liquidation, P128,000 was received on the sale of certain assets. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are anticipated before liquidation is completed. Creditors were paid P22,400. The available cash was distributed to the partners. The cash to be received by each partner based on the above data:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A. 86,000 61,000 55,000
B. 29,400 32,700 26,700
C. 56,600 28,300 28,300
D. 88,000 62,000 56,000
Transcribed Image Text:A balance sheet for the partnership of KK, LL and MM, who share profits 2:1:1 respectively,
shows the following balances just before liquidation:
Cash
Other assets
Liab.
80,000
КK. Сар.
88,000
LL. Cap.
62,000
MM. Сар
48,000
238,000
56,000
In the first month of liquidation, P128,000 was received on the sale of certain assets. Liquidation
expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are anticipated before
liquidation is completed. Creditors were paid P22,400. The available cash was distributed to the
partners. The cash to be received by each partner based on the above data:
KK
LL
MM
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