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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 Total SAP 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 SAP 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
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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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.
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 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.
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