Cash Accounts receivable Inventory Equipment Total Accounts payable Payable to B 80,000 240,000 480,000 1,200,000 2,000,000 120,000 80,000 400,000 600,000 A, Capital (20%) B, Capital (30%) C, Capital (50%) Total On January 1, 20x1, the partners of United Ent. decided to liquidate their partnership. nformation on the conversion of non-cash assets is as follows: 40,000 was collected on accounts receivable; the balance is uncollectible. P20,000 was received for the entire inventory.The quipment was sold for P200,000.P8,000 liquidation expenses were paid. P108,000 was paid to outside creditors, after offset of P12,000 credit,memorandum received on January 2, 20x1.All of the partners are personally solvent. How much did B receive rom the settlement of his interest in the partnership? 800,000 2,000,000

Cash Accounts receivable Inventory Equipment Total Accounts payable Payable to B 80,000 240,000 480,000 1,200,000 2,000,000 120,000 80,000 400,000 600,000 A, Capital (20%) B, Capital (30%) C, Capital (50%) Total On January 1, 20x1, the partners of United Ent. decided to liquidate their partnership. nformation on the conversion of non-cash assets is as follows: 40,000 was collected on accounts receivable; the balance is uncollectible. P20,000 was received for the entire inventory.The quipment was sold for P200,000.P8,000 liquidation expenses were paid. P108,000 was paid to outside creditors, after offset of P12,000 credit,memorandum received on January 2, 20x1.All of the partners are personally solvent. How much did B receive rom the settlement of his interest in the partnership? 800,000 2,000,000

Name: CashAccounts receivableInventoryEquipmentTotalAccounts payablePayable
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Description: CashAccounts receivableInventoryEquipmentTotalAccounts payablePayable to BA, Capital (20%)B, Capital (30%)C, Capital (50%)Total80,000240,000480,0001,200,0002,000,000120,00080,000400,000600,000800,0002,000,000On January 1, 20x1, the partners of Unite

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Cash
Accounts receivable
Inventory
Equipment
Total
Accounts payable
Payable to B
A, Capital (20%)
B, Capital (30%)
C, Capital (50%)
Total
80,000
240,000
480,000
1,200,000
2,000,000
120,000
80,000
400,000
600,000
800,000
2,000,000
On January 1, 20x1, the partners of United Ent. decided to liquidate their partnership.
Information on the conversion of non-cash assets is as follows:
P40,000 was collected on accounts receivable; the balance is uncollectible. P20,000 was received for the entire inventory. The
equipment was sold for $200,000.P8,000 liquidation expenses were paid. P108,000 was paid to outside creditors, after offset of
a $12,000 credit,memorandum received on January 2, 20x1.All of the partners are personally solvent.How much did B receive
from the settlement of his interest in the partnership?

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