A local partnership has assets of cash of P5,000 and a building worth P80,000. All liabilities have been paid and the partners are all insolvent. The partners capital accounts are as follows Harry P40,000, Landers P30,000 and Waters 15,000. The partners share profits and losses 4:4:2. If the building is sold for P50,000, how much cash will Waters receive in the final settlement? P5,000. P9,000. P18,000. P28,000. P55,000.
A local partnership has assets of cash of P5,000 and a building worth P80,000. All liabilities have been paid and the partners are all insolvent. The partners capital accounts are as follows Harry P40,000, Landers P30,000 and Waters 15,000. The partners share profits and losses 4:4:2. If the building is sold for P50,000, how much cash will Waters receive in the final settlement? P5,000. P9,000. P18,000. P28,000. P55,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A local partnership has assets of cash of P5,000 and a building worth P80,000. All liabilities have been paid and the partners are all insolvent. The partners capital accounts are as follows Harry P40,000, Landers P30,000 and Waters 15,000. The partners share
If the building is sold for P50,000, how much cash will Waters receive in the final settlement?
P5,000.
P9,000.
P18,000.
P28,000.
P55,000.
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