ABC Partnership Balance Sheet December 31, 2022 Assets Cash P 2,000.00 Other Non cash Assets 28,000.00 Total P30,000.00 Liabilities & Net Worth Liabilities P 5,000.00 A, Loan 2,500.00 A, Capital 12,500.00 B, Capital 7,000.00 C, Capital 3,000.00 Total P30, 000.00 Profit and loss ratio is 3:2:1 for A, B, and C, respectively. The other non-cash assets were realized as follows: Date Cash Received Book Value Jan., 2023 P6,000.00 P 9,000.00 Feb., 2023 3,500.00 7,700.00 Mar., 2023 12,500.00 11,300.00 Cash is distributed as assets are realized. 1. The total cash received by A is: a. P2,000.00 b. P5,000.00 c. P 9,500.00 d. P12,000.00 2. The total cash received by B on January is: a. P1,000.00 b. P2,000.00 c. P- 0 - d. P3,000.00 3. The total loss to C is: a. P3,000.00 b. P – 0 - c. P2,000.00 d. P1,000.00
ABC Partnership
December 31, 2022
Assets
Cash P 2,000.00
Other Non cash Assets 28,000.00
Total P30,000.00
Liabilities & Net Worth
Liabilities P 5,000.00
A, Loan 2,500.00
A, Capital 12,500.00
B, Capital 7,000.00
C, Capital 3,000.00
Total P30, 000.00
Date Cash Received Book Value
Jan., 2023 P6,000.00 P 9,000.00
Feb., 2023 3,500.00 7,700.00
Mar., 2023 12,500.00 11,300.00
Cash is distributed as assets are realized.
1. The total cash received by A is:
2. The total cash received by B on January is:
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