As of Dec 31, 2011, the books of V. G and C partnership showed capital balances of V, 40,000; G. 25.000 and C. 5,000. The partners' P/L ratio was 3:2:1, respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for 37,000 cash. After settlement of all liabilities amounting to 12,000, they still have 28,000 cash left for distribution. 19. The loss on realization of the non-cash assets was a. 42.000 b. 40,000 c. 45,000 d. 21,000 20. Assuming that any debit balance of partners' capital is uncollectible, the share of V on 28,000 cash for distribution was: a. 19.000 b. 16.000 c. 18,000 d. 17.800
As of Dec 31, 2011, the books of V. G and C partnership showed capital balances of V, 40,000; G. 25.000 and C. 5,000. The partners' P/L ratio was 3:2:1, respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for 37,000 cash. After settlement of all liabilities amounting to 12,000, they still have 28,000 cash left for distribution. 19. The loss on realization of the non-cash assets was a. 42.000 b. 40,000 c. 45,000 d. 21,000 20. Assuming that any debit balance of partners' capital is uncollectible, the share of V on 28,000 cash for distribution was: a. 19.000 b. 16.000 c. 18,000 d. 17.800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi, can you please provide the answer and solution for number 20?
Transcribed Image Text:As of Dec 31, 2011, the books of V, G and C partnership showed capital balances of V, 40,000; G, 25,000 and C,
5,000. The partners' P/L ratio was 3:2:1, respectively. The partners decided to dissolve and liquidate. They sold all
the non-cash assets for 37,000 cash. After settlement of all liabilities amounting to 12,000, they still have 28,000 cash
left for distribution.
19. The loss on realization of the non-cash assets was
a. 42,000
b. 40,000
c. 45,000
d. 21,000
20. Assuming that any debit balance of partners' capital is uncollectible, the share of V on 28,000 cash for
distribution was:
a. 19,000
b. 16,000
c. 18,000
d. 17,800
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