After payment of realization of the non-cash assets, payment of liabilities to creditors amounting to P350,000 and payment of liquidation expenses amounting to P20,000, partner A had a total interest of P80,000. Determine the total proceeds from the realization.
After payment of realization of the non-cash assets, payment of liabilities to creditors amounting to P350,000 and payment of liquidation expenses amounting to P20,000, partner A had a total interest of P80,000. Determine the total proceeds from the realization.
After payment of realization of the non-cash assets, payment of liabilities to creditors amounting to P350,000 and payment of liquidation expenses amounting to P20,000, partner A had a total interest of P80,000. Determine the total proceeds from the realization.
The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The statement of financial position of the partnership in this day are as follows:
Cash
P600,000
Advances from B
P20,000
Accounts Receivables
200,000
Trade payables
130,000
Loan receivable from A
150,000
Other liabilities
220,000
Furnitures and fixtures
250,000
A, Capital (20%)
300,000
Land
200,000
B, Capital (30%)
250,000
C, Capital (50%)
480,000
Total
P1,400,000
Total
P1,400,000
After payment of realization of the non-cash assets, payment of liabilities to creditors amounting to P350,000 and payment of liquidation expenses amounting to P20,000, partner A had a total interest of P80,000.
Determine the total proceeds from the realization.
Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.
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