Item Nos. 10 to 12 are based on the following information: On August 31, 200F, Apeng, Poleng, and Openg decided to liquidate their partnership. Their capital accounts and profit sharing. ratio are as follows: Capital Profit & Loss Ratio P 150,000 50% Apeng 255,000 Poleng 30% 135,000 20% Openg- On this date, there were liabilities of P 187,500 still unpaid and the cash balance was zero. Apeng is insolvent. 10. If Openg received a total of P 22,500, Poleng would have received: a. P 33,750. C. P 77,250. b. P 47,250. d. P 86,250. 11. If Openg received a total of P 22,500, how much cash was realized from the sale of the noncash assets? a. P 431,250. C. P 281,250. b. P 296,250. d. P 196,250. 12. The cash to be realized on the sale of the noncash assets so that Apeng would receive a total of P 225,000 should be: a. P 897,500. c. P 752,500. b. P 877,500. d. P 750,000.

Item Nos. 10 to 12 are based on the following information: On August 31, 200F, Apeng, Poleng, and Openg decided to liquidate their partnership. Their capital accounts and profit sharing. ratio are as follows: Capital Profit & Loss Ratio P 150,000 50% Apeng 255,000 Poleng 30% 135,000 20% Openg- On this date, there were liabilities of P 187,500 still unpaid and the cash balance was zero. Apeng is insolvent. 10. If Openg received a total of P 22,500, Poleng would have received: a. P 33,750. C. P 77,250. b. P 47,250. d. P 86,250. 11. If Openg received a total of P 22,500, how much cash was realized from the sale of the noncash assets? a. P 431,250. C. P 281,250. b. P 296,250. d. P 196,250. 12. The cash to be realized on the sale of the noncash assets so that Apeng would receive a total of P 225,000 should be: a. P 897,500. c. P 752,500. b. P 877,500. d. P 750,000.

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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28. Show solution in good accounting form
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