As of December 31, 2015, the books of Ton Partnership showed capital balances of: TP40,000; O, P25,000; N, P5,000. The partners' profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of T in the distribution of the P28,000 cash would be:
As of December 31, 2015, the books of Ton Partnership showed capital balances of: TP40,000; O, P25,000; N, P5,000. The partners' profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of T in the distribution of the P28,000 cash would be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![As of December 31, 2015, the books of Ton Partnership showed capital
balances of: TP40,000; O, P25,000; N, P5,000. The partners' profit and loss
ratio was 3:2:1, respectively. The partners decided to liquidate and they
sold all non-cash assets for P37,000. After settlement of all liabilities
amounting P12,000, they still have cash of P28,000 left for distribution.
Assuming that any capital debit balance is uncollectible, the share of T in
the distribution of the P28,000 cash would be:
A. 17800
O B. 18000
O C. 19000
O D. 17000
Drovious](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F20fdb2d4-535c-4dd7-b3b9-deb95582fb57%2F2e672439-f820-4154-96bc-59efd940d2bf%2F268cj9r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:As of December 31, 2015, the books of Ton Partnership showed capital
balances of: TP40,000; O, P25,000; N, P5,000. The partners' profit and loss
ratio was 3:2:1, respectively. The partners decided to liquidate and they
sold all non-cash assets for P37,000. After settlement of all liabilities
amounting P12,000, they still have cash of P28,000 left for distribution.
Assuming that any capital debit balance is uncollectible, the share of T in
the distribution of the P28,000 cash would be:
A. 17800
O B. 18000
O C. 19000
O D. 17000
Drovious
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 2 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