B. April, May and June are partners. The following balances are obtained prior to liquidation. April (50%) P 400,000 ( 50,000) May (20%) P 300,000 June (30%) P 250,000 Capital Balances Loan (Receivables) Payables 80,000 30,000 Assets are sold and cash is distributed to the partners in monthly installments. During the course of liquidation, cash made available to the partners are as follows: April May P 200,000 350,000 June 250,000 What amount of cash was paid to May in the first month of liquidation? 4. How much did April receive in the last month of liquidation? 3.

B. April, May and June are partners. The following balances are obtained prior to liquidation. April (50%) P 400,000 ( 50,000) May (20%) P 300,000 June (30%) P 250,000 Capital Balances Loan (Receivables) Payables 80,000 30,000 Assets are sold and cash is distributed to the partners in monthly installments. During the course of liquidation, cash made available to the partners are as follows: April May P 200,000 350,000 June 250,000 What amount of cash was paid to May in the first month of liquidation? 4. How much did April receive in the last month of liquidation? 3.

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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