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Cash Oher Assets P 40,000 s60,000 Liabilities Coney, loan Coney, Capital Hoery, Capital Money, Capital PI00, 000 50,000 250,000 140,000 60.000 P 600,000 P 600,000 Profit and loss ratio is 3:2:1 for Coney, Honey and Money, respectively. Other assets were realized as follows: Book Value Cash Received PI20,000 70,000 250,000 Date January February March PIS0,000 154,000 226,000

Cash Oher Assets P 40,000 s60,000 Liabilities Coney, loan Coney, Capital Hoery, Capital Money, Capital PI00, 000 50,000 250,000 140,000 60.000 P 600,000 P 600,000 Profit and loss ratio is 3:2:1 for Coney, Honey and Money, respectively. Other assets were realized as follows: Book Value Cash Received PI20,000 70,000 250,000 Date January February March PIS0,000 154,000 226,000

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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#511

The balance sheet for Coney, Honey and Money partnership shows the following information as of December 31, 2021: Profit and loss ratio is 3:2:1 for Coney, Honey and Money, respectively. Other assets were realized as follows: Cash is distributed as assets are realized.

 

  1. The total cash received by Honey is
  • P100,000
  • P30,000
  • P0
  • P40,000

 

  1. The total loss to Coney is
  • P60,000         P0
  • P40,000          P20,000

 

  1. Cash received by Money in January 2022 is
  • P10,000            P0
  • P4,000             P20,00
Cash Oher Assets P 40,000 s60,000 Liabilities Coney, loan Coney, Capital Hoery, Capital Money, Capital PI00, 000 50,000 250,000 140,000 60.000 P 600,000 P 600,000 Profit and loss ratio is 3:2:1 for Coney, Honey and Money, respectively. Other assets were realized as follows: Book Value Cash Received PI20,000 70,000 250,000 Date January February March PIS0,000 154,000 226,000
Transcribed Image Text:Cash Oher Assets P 40,000 s60,000 Liabilities Coney, loan Coney, Capital Hoery, Capital Money, Capital PI00, 000 50,000 250,000 140,000 60.000 P 600,000 P 600,000 Profit and loss ratio is 3:2:1 for Coney, Honey and Money, respectively. Other assets were realized as follows: Book Value Cash Received PI20,000 70,000 250,000 Date January February March PIS0,000 154,000 226,000
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