bided to liquidato On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The of ABC following information was made available: 80,000 Cash 240,000 480,000 Accounts receivable Inventory Equipment Total Accounts payable A, Capital (20%) B, Capital (30%) C, Capital (50%) Total SITY☆/ Personal assets Personal liabilities 1,200,000 2,000,000 600,000 200,000 400,000 800,000 2,000,000 The net proceeds from the sale of non-cash assets amounted to P260,000. The personal assets and personal liabilities of the partners are as follows: ДА A с B 1,200,000 1,040,000 800,000 (880,000) (880,000) (1,280,000) How much additional contributions shall be made by the partners in order to settle all of the partnership liabilities?

bided to liquidato On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The of ABC following information was made available: 80,000 Cash 240,000 480,000 Accounts receivable Inventory Equipment Total Accounts payable A, Capital (20%) B, Capital (30%) C, Capital (50%) Total SITY☆/ Personal assets Personal liabilities 1,200,000 2,000,000 600,000 200,000 400,000 800,000 2,000,000 The net proceeds from the sale of non-cash assets amounted to P260,000. The personal assets and personal liabilities of the partners are as follows: ДА A с B 1,200,000 1,040,000 800,000 (880,000) (880,000) (1,280,000) How much additional contributions shall be made by the partners in order to settle all of the partnership liabilities?

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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Question

On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The
following information was made available:
Cash
Accounts receivable
Inventory
Equipment
Total
Accounts payable
A, Capital (20%)
B, Capital (30%)
C, Capital (50%)
Total
80,000
240,000
480,000
1,200,000
2,000,000
600,000
200,000
400,000
800,000
2,000,000
The net proceeds from the sale of non-cash assets amounted to P260,000. The
personal assets and personal liabilities of the partners are as follows:
A
с
B
Personal assets 1,200,000 1,040,000
800,000
Personal liabilities (880,000) (880,000) (1,280,000)
How much additional contributions shall be made by the partners in order to settle all of
the partnership liabilities?

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