A. After all the non-cash assets have been converted into cash in the liquidation of Sun and Star Partnership, the ledger contains the following account balances: Cash - P141,000; Accounts Payable - P 96,000; Sun, Loan - P 45,000; Sun, Capital -(P21,000); Star, Capital - P21,000. How much is the final settlement to Sun assuming cash of P 96,000 is paid to Accounts Payable? B. Using data above, how much is the final settlement to Star? *

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A. After all the non-cash assets have been converted into cash in the
liquidation of Sun and Star Partnership, the ledger contains the following
account balances: Cash - P141,000; Accounts Payable - P 96,000; Sun, Loan - P
45,000; Sun, Capital -(P21,000); Star, Capital - P21,000. How much is the final
settlement to Sun assuming cash of P 96,000 is paid to Accounts Payable?
B. Using data above, how much is the final settlement to Star? *
Transcribed Image Text:A. After all the non-cash assets have been converted into cash in the liquidation of Sun and Star Partnership, the ledger contains the following account balances: Cash - P141,000; Accounts Payable - P 96,000; Sun, Loan - P 45,000; Sun, Capital -(P21,000); Star, Capital - P21,000. How much is the final settlement to Sun assuming cash of P 96,000 is paid to Accounts Payable? B. Using data above, how much is the final settlement to Star? *
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