Problem 1D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The partnership is tobe liquidated. Prior to the liquidation, the statement of financial position shows the followingbalancesP 80,000720,000P 80,000320,000240,000160,000CashLiabilitiesOther AssetsD, CapitalE, CapitalF, CapitalAfter realization, E received P120,000 as settlement of his interest.1. How much was the loss on the sale of assets?2. How much did F receive in final settlement of his interest?3. What amount of total cash was distributed to the partners?

Given Information: Profit and loss ratio = 5:4:1 Cash = P80,000 Other assets = P720,000

D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The par be liquidated. Prior to the liquidation, the statement of financial position shows balances Cash Other Assets P 80,000 320,000 240,000 160,000 P 80,000 .720,000 Liabilities D, Capital E, Capital F, Capital After realization. E received P120.000 as settlement of his interest.

D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The par be liquidated. Prior to the liquidation, the statement of financial position shows balances Cash Other Assets P 80,000 320,000 240,000 160,000 P 80,000 .720,000 Liabilities D, Capital E, Capital F, Capital After realization. E received P120.000 as settlement of his interest.

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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