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A. 109,650 B. 108,000 C. 106,350 D. 110,000

A. 109,650 B. 108,000 C. 106,350 D. 110,000

FINANCIAL ACCOUNTING
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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A. 109,650
B. 108,000
C. 106,350
D. 110,000
Larry, Marsha and Natalie are partners in a company that is being liquidated. They share profits and losses 55 percent, 20 percent, and 25 percent, respectively. When the liquidation begins they have capital account balances of P108,000, P62,000, and P56,000 respectively. The partnership just sold equipment with a historical cost and accumulated depreciation of P25,000 and P18,000 respectively for P10,000. What is the balance in Larry's capital account after the transaction is completed?
Transcribed Image Text:Larry, Marsha and Natalie are partners in a company that is being liquidated. They share profits and losses 55 percent, 20 percent, and 25 percent, respectively. When the liquidation begins they have capital account balances of P108,000, P62,000, and P56,000 respectively. The partnership just sold equipment with a historical cost and accumulated depreciation of P25,000 and P18,000 respectively for P10,000. What is the balance in Larry's capital account after the transaction is completed?
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