4. ABC, DEF and GHI who share earnings 5:3:2, respectively, decided to liquidate theirpartnership at which time their condensed balance sheet was as follows:CashOther Assets50,000 Liabilities250,000 ABC, CapitalDEF, CapitalGHI, Capital300,000 Total60,00080,00090,00070,000300,000TotalThe sale of other assets of resulted to a realization of 120,000, it was also expected thatan additional liquidation expense was incurred. During payment to partners GHI receivedP40,000. Compute for the amount to be received by DEF.

Given that, Cash = 50,000 Liabilities = 60,000 Other assets = 250,000 Sale of other assets =…

ABC, DEF and GHI who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows: Cash Other Assets Total 50,000 Liabilities 250,000 ABC, Capital DEF, Capital GHI, Capital 300,000 Total 60,000 80,000 90,000 70,000 300,000 The sale of other assets of resulted to a realization of 120,000, it was also expected that an additional liquidation expense was incurred. During payment to partners GHI received P40,000. Compute for the amount to be received by DEF.

ABC, DEF and GHI who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows: Cash Other Assets Total 50,000 Liabilities 250,000 ABC, Capital DEF, Capital GHI, Capital 300,000 Total 60,000 80,000 90,000 70,000 300,000 The sale of other assets of resulted to a realization of 120,000, it was also expected that an additional liquidation expense was incurred. During payment to partners GHI received P40,000. Compute for the amount to be received by DEF.

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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