B (30%), P340,000; and C (50%), P400,000. C is insolvent. ABC Co. filed for bankruptcy and is starting its liquidation Use the following information for Cases 1 and 2 below: 3. ABC Co. filed for bankruptcy and is starting its liquidatio process. The partners' capital balances are: A (20%), P200 Case 1: All the assets were sold and after settling the P600 liabilities, P112,000 are available to the partners. Requirement: Compute for the cash distributions to the partners. P112,000 and total liabilities of P60,000. Case 2: After all the assets were sold, the partnership had cash of Requirement: Compute for the cash distributions to the partners. Chapter 4 Partnership Liquidation 149 ecorded Daguirement: Compute for the cash distributions to the partners.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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B (30%), P340,000; and C (50%), P400,000. C is insolvent.
ABC Co. filed for bankruptcy and is starting its liquidation
Use the following information for Cases 1 and 2 below:
3. ABC Co. filed for bankruptcy and is starting its liquidatio
process. The partners' capital balances are: A (20%), P200
Case 1: All the assets were sold and after settling the P600
liabilities, P112,000 are available to the partners.
Requirement: Compute for the cash distributions to the partners.
Transcribed Image Text:B (30%), P340,000; and C (50%), P400,000. C is insolvent. ABC Co. filed for bankruptcy and is starting its liquidation Use the following information for Cases 1 and 2 below: 3. ABC Co. filed for bankruptcy and is starting its liquidatio process. The partners' capital balances are: A (20%), P200 Case 1: All the assets were sold and after settling the P600 liabilities, P112,000 are available to the partners. Requirement: Compute for the cash distributions to the partners.
P112,000 and total liabilities of P60,000.
Case 2: After all the assets were sold, the partnership had cash of
Requirement: Compute for the cash distributions to the partners.
Chapter 4
Partnership Liquidation
149
ecorded
Daguirement: Compute for the cash distributions to the partners.
Transcribed Image Text:P112,000 and total liabilities of P60,000. Case 2: After all the assets were sold, the partnership had cash of Requirement: Compute for the cash distributions to the partners. Chapter 4 Partnership Liquidation 149 ecorded Daguirement: Compute for the cash distributions to the partners.
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