АCTIVITYXYZ Co.'s statement of financial position shows the following account balances before liquidation:CashOther AssetsP60,000870,000P930,000Total AssetsAccounts payablePayable to YX, Capital (20%)Y, Capital (30%)Z, Capital (50%)Total Liabilities & EquityP60,00040,000160,000260,000410,000P930,000All of the other assets were sold for only P680,000. Liquidation expenses amounting to P6,000 were paid.Requirement: Compute the amount of cash distributed to each partner

Partnership business means where two or more person comes together to do the business and share the…

АCTIVITY XYZ Co.'s statement of financial position shows the following account balances before liquidation: Cash Other Assets P60,000 870,000 P930,000 Total Assets Accounts payable Payable to Y X, Capital (20%) Y, Capital (30%) Z, Capital (50%) Total Liabilities & Equity P930,000 P60,000 40,000 160,000 260,000 410,000 All of the other assets were sold for only P680,000. Liquidation expenses amounting to P6,000 were paid. Requirement: Compute the amount of cash distributed to each partner

АCTIVITY XYZ Co.'s statement of financial position shows the following account balances before liquidation: Cash Other Assets P60,000 870,000 P930,000 Total Assets Accounts payable Payable to Y X, Capital (20%) Y, Capital (30%) Z, Capital (50%) Total Liabilities & Equity P930,000 P60,000 40,000 160,000 260,000 410,000 All of the other assets were sold for only P680,000. Liquidation expenses amounting to P6,000 were paid. Requirement: Compute the amount of cash distributed to each partner

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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