Partners Bruce, Charlie, and Demi share profits and losses in the ratio of 5:3:2, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partners' capital account balances at this time were as follows: Bruce P 22,000 24,900 Charlie Demi- 15,000 The liabilities accumulated to P 30,000, including a loan of P 10,000 from Bruce. The cash balance was P 6,000. All the partners are personally solvent. The partnership plans to sell the assets on installment basis. 20. If Bruce received a total of P 20,000 as a result of the liquidation, what was the total amount realized from the sale of noncash assets? a. P 85,900. C. P 61,900. b. P 73,900. d. P 24,000. 21. If Demi received P 6,200 on the first distribution of cash, how much did Charlie receive at that time? a. P 11,700. C. P 6,200. b. P 10,000. d. P 5,000.

Partners Bruce, Charlie, and Demi share profits and losses in the ratio of 5:3:2, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partners' capital account balances at this time were as follows: Bruce P 22,000 24,900 Charlie Demi- 15,000 The liabilities accumulated to P 30,000, including a loan of P 10,000 from Bruce. The cash balance was P 6,000. All the partners are personally solvent. The partnership plans to sell the assets on installment basis. 20. If Bruce received a total of P 20,000 as a result of the liquidation, what was the total amount realized from the sale of noncash assets? a. P 85,900. C. P 61,900. b. P 73,900. d. P 24,000. 21. If Demi received P 6,200 on the first distribution of cash, how much did Charlie receive at that time? a. P 11,700. C. P 6,200. b. P 10,000. d. P 5,000.

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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