Financial Accounting and ReportingTopic: Liquidation – Lump Sum The non-cash ass ets are sold for P10,000 net of liquidation expenses and the liabilities are paid. Howmuch cash will be distributed to each partner? Part 2. Liquidation – Lump SumThe following is the statement of financial position of ABC Partnership before liquidation:P 20,000 Liabilities50,000 Anthony, capitalBenjamin, capitalCharlie, capitalCashP 24,000Non-Cash Assets20,00016,00010,000

In liquidation of patnership we have sale the assets and from…

Answered: The non-cash ass ets are sold for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Financial Accounting and Reporting

Topic: Liquidation – Lump Sum

The non-cash ass ets are sold for P10,000 net of liquidation expenses and the liabilities are paid. How
much cash will be distributed to each partner?

Part 2. Liquidation – Lump Sum
The following is the statement of financial position of ABC Partnership before liquidation:
P 20,000 Liabilities
50,000 Anthony, capital
Benjamin, capital
Charlie, capital
Cash
P 24,000
Non-Cash Assets
20,000
16,000
10,000

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

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