ABC partnership has the following account balancesbefore liquidation: Cash, P15,000; Non-cash assets, 225,000; Accounts Payable, P50,000; A Capital, P40,000; B Capital, P100,000; and C Capital, P50,000. The partners have profit and loss ratio: A = 30%; B = 50%; and C = 20% Compute for the amount to be received by each partner after liquidation if the non-cash assets were sold for P75,000. If all partners are solvent, what is the final cash distribution for C
ABC partnership has the following account balancesbefore liquidation: Cash, P15,000; Non-cash assets, 225,000; Accounts Payable, P50,000; A Capital, P40,000; B Capital, P100,000; and C Capital, P50,000. The partners have profit and loss ratio: A = 30%; B = 50%; and C = 20% Compute for the amount to be received by each partner after liquidation if the non-cash assets were sold for P75,000. If all partners are solvent, what is the final cash distribution for C
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC
P50,000. The partners have
Compute for the amount to be received by each partner after liquidation if the non-cash assets were sold for P75,000. If all partners are solvent, what is the final cash distribution for C?
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