Christian and Dior are partners, who share profits equally, were incapacitated due to a car accident. A liquidator was appointed to wind up their partnership. The balance sheet accounts are shown below: Cash- P 35,000 Liabilities P 19,000 Other Assets 110,000 72,000 Christian Capital -- Dior Capital -- 54,000 The liquidator anticipates that considerable time would be required to dispose all the assets. Liquidation expenses are estimated to be P 10,000. 25. At this time, the amounts of cash to be distributed safely to each partner are: a. Christian, P 5,000; Dior, P 1,000. b. Christian, P 6,000; Dior, P 0. C. Christian, P 15,000; Dior, P O. d. Christian, P 15,000; Dior, P 1,000.
Christian and Dior are partners, who share profits equally, were incapacitated due to a car accident. A liquidator was appointed to wind up their partnership. The balance sheet accounts are shown below: Cash- P 35,000 Liabilities P 19,000 Other Assets 110,000 72,000 Christian Capital -- Dior Capital -- 54,000 The liquidator anticipates that considerable time would be required to dispose all the assets. Liquidation expenses are estimated to be P 10,000. 25. At this time, the amounts of cash to be distributed safely to each partner are: a. Christian, P 5,000; Dior, P 1,000. b. Christian, P 6,000; Dior, P 0. C. Christian, P 15,000; Dior, P O. d. Christian, P 15,000; Dior, P 1,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Christian and Dior are partners, who share profits equally, were
incapacitated due to a car accident. A liquidator was appointed to wind up their
partnership. The balance sheet accounts are shown below:
Cash
P 35,000
P 19,000
Other Assets
110,000
Liabilities
Christian Capital-
Dior Capital
72,000
54,000
The liquidator anticipates that considerable time would be required to
dispose all the assets. Liquidation expenses are estimated to be P 10,000.
25. At this time, the amounts of cash to be distributed safely to each partner
are:
a. Christian, P 5,000; Dior, P 1,000.
b. Christian, P 6,000; Dior, P 0.
C.
Christian, P 15,000; Dior, PO.
d.
Christian, P 15,000; Dior, P 1,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0babc963-4a17-4d6d-8ed2-dd54425f4bc6%2Fc9b53308-0846-4898-96c8-b67ba4608b89%2Fy3qcwps_processed.png&w=3840&q=75)
Transcribed Image Text:Christian and Dior are partners, who share profits equally, were
incapacitated due to a car accident. A liquidator was appointed to wind up their
partnership. The balance sheet accounts are shown below:
Cash
P 35,000
P 19,000
Other Assets
110,000
Liabilities
Christian Capital-
Dior Capital
72,000
54,000
The liquidator anticipates that considerable time would be required to
dispose all the assets. Liquidation expenses are estimated to be P 10,000.
25. At this time, the amounts of cash to be distributed safely to each partner
are:
a. Christian, P 5,000; Dior, P 1,000.
b. Christian, P 6,000; Dior, P 0.
C.
Christian, P 15,000; Dior, PO.
d.
Christian, P 15,000; Dior, P 1,000.
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