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
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
50,000 Liabilities
250,000 ABC, Capital
DEF, Capital
GHI, Capital
300,000 Total
60,000
80,000
90,000
70,000
300,000
Total
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.
Transcribed Image Text: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 50,000 Liabilities 250,000 ABC, Capital DEF, Capital GHI, Capital 300,000 Total 60,000 80,000 90,000 70,000 300,000 Total 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.
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