Alma, Tina and Carla are partners. They divide profits and losses 30%, 40% and30%, respectively. On June 30, 2019, they decided to liquidate their partnershipbecause of continuous losses in operation. The following balances of selectedaccounts were taken from the books of the partnership on this date:Accounts Receivable - TinaLoans Payable - CarlaLoans Payable - AlmaAlma, CapitalTina, CapitalCarla, CapitalP24,0009,60028,800118,80088,80078,000On this date, the partnership's assets were P534,400 excluding the receivables frompartners and cash of P28,000. The non-cash assets assets were sold at 70% of bookvalue. After the realization, the partnership paid all outside creditors andliquidation expenses of P12,000 and distributed the remaining cash to the partners.23. How much was cash was distributed to the partners?a.C.b.d.P98,400P132,000P178,400P78,000000,049000 214

In liquidation first we have to pay liquidation expenses. Then we…

Answered: Alma, Tina and Carla are partners

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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