If the total cash available for distribution to the partners as settlement of their claims in the partnership was P278,000, for how much were the non-cash assets sold? 16. Below is the financial position of BED ofRoses Partnership before liquidation:P 78.000272.000P350,000CashOther AssetsTotalP 85,00015,000LiabilitiesPayable to BautistaBautista. CapitalElvena, CapitalDizon, CapitalTotal60.00070.000120.000P350.000Bautista. Elvena and Dizon share profits andlosses in the ratio 5:3:2 respectively. If thetotal cash available for distribution to thepartners as settlement of their claims in thepartnership was P278.000, for how muchwere the non-cash assets sold?A. P285,000В. Р293,000c.C. P300,000O D. P378,000

Answered: for how much were the non-cash assets…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

If the total cash available for distribution to the partners as settlement of their claims in the partnership was P278,000, for how much were the non-cash assets sold?

16. Below is the financial position of BED of
Roses Partnership before liquidation:
P 78.000
272.000
P350,000
Cash
Other Assets
Total
P 85,000
15,000
Liabilities
Payable to Bautista
Bautista. Capital
Elvena, Capital
Dizon, Capital
Total
60.000
70.000
120.000
P350.000
Bautista. Elvena and Dizon share profits and
losses in the ratio 5:3:2 respectively. If the
total cash available for distribution to the
partners as settlement of their claims in the
partnership was P278.000, for how much
were the non-cash assets sold?
A. P285,000
В. Р293,000
c.
C. P300,000
O D. P378,000

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions