Annie, Emy and Mary are in the process of liquidating their partnership and their account balance as of August 1, 2015 are as follows: Debit Credit Cash P 15 000 Non – cash assets 35 000 P 7 000 5 000 Emy, Loan Annie, Capital Emy, Capital Mary, Capital 17 500 20 500 The profit and loss sharing ratio has been 4:3:3 between Annie, Emy and Mary respectively. 1. Assuming that the partners hip realized P 15 000 from the sale of non – cash assets and that any deficiency is uncollectible, Emy must receive: а. Р 17000 с. Р9 500 d. Not given b. Р 18500 2. If Annie had personal assets of P 25 000 and personal liabilities of P 22 500 and that the partnership realized P 12 500 from the sale of its non – cash assets, Mary must receive. а. Р 20 500 b. Р 12 500 с. Р 13 000 d. Not given
Annie, Emy and Mary are in the process of liquidating their partnership and their account balance as of August 1, 2015 are as follows: Debit Credit Cash P 15 000 Non – cash assets 35 000 P 7 000 5 000 Emy, Loan Annie, Capital Emy, Capital Mary, Capital 17 500 20 500 The profit and loss sharing ratio has been 4:3:3 between Annie, Emy and Mary respectively. 1. Assuming that the partners hip realized P 15 000 from the sale of non – cash assets and that any deficiency is uncollectible, Emy must receive: а. Р 17000 с. Р9 500 d. Not given b. Р 18500 2. If Annie had personal assets of P 25 000 and personal liabilities of P 22 500 and that the partnership realized P 12 500 from the sale of its non – cash assets, Mary must receive. а. Р 20 500 b. Р 12 500 с. Р 13 000 d. Not given
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Annie, Emy and Mary are in the process of liquidating their partnership and their account
balance as of August 1, 2015 are as follows:
Debit
Credit
Cash
P 15 000
Non – cash assets
35 000
P 7 000
5 000
Emy, Loan
Annie, Capital
Emy, Capital
Mary, Capital
17 500
20 500
The profit and loss sharing ratio has been 4:3:3 between Annie, Emy and
Mary respectively.
1. Assuming that the partners hip realized P 15 000 from the sale of
non – cash assets and that any deficiency is uncollectible, Emy must
receive:
а. Р 17000
b. Р 18500
с. Р9 500
d. Not given
2. If Annie had personal assets of P 25 000 and personal liabilities of
P 22 500 and that the partnership realized P 12 500 from the sale of its
non – cash assets, Mary must receive.
а. Р 20 500
b. Р 12 500
с. Р 13 000
d. Not given](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05230af0-1ec1-4ac4-b7b3-67899a3c0dec%2Fabb791d1-3429-4e83-a410-2f0f15602b3e%2F7snarfh_processed.png&w=3840&q=75)
Transcribed Image Text:Annie, Emy and Mary are in the process of liquidating their partnership and their account
balance as of August 1, 2015 are as follows:
Debit
Credit
Cash
P 15 000
Non – cash assets
35 000
P 7 000
5 000
Emy, Loan
Annie, Capital
Emy, Capital
Mary, Capital
17 500
20 500
The profit and loss sharing ratio has been 4:3:3 between Annie, Emy and
Mary respectively.
1. Assuming that the partners hip realized P 15 000 from the sale of
non – cash assets and that any deficiency is uncollectible, Emy must
receive:
а. Р 17000
b. Р 18500
с. Р9 500
d. Not given
2. If Annie had personal assets of P 25 000 and personal liabilities of
P 22 500 and that the partnership realized P 12 500 from the sale of its
non – cash assets, Mary must receive.
а. Р 20 500
b. Р 12 500
с. Р 13 000
d. Not given
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education