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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
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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Problem 1 D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to the liquidation, the statement of financial position shows the following balances P 80,000 720,000 P 80,000 320,000 240,000 160,000 Cash Liabilities Other Assets D, Capital E, Capital F, Capital After 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?
Transcribed Image Text:Problem 1 D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to the liquidation, the statement of financial position shows the following balances P 80,000 720,000 P 80,000 320,000 240,000 160,000 Cash Liabilities Other Assets D, Capital E, Capital F, Capital After 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?
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