From the records of the DTA Partnership, *please refer on the image below a. P2,000; P200, respectively b. P5,000; P-0-, respectively c. P1,500; P1,000, respectively d. P-0-; P500, respectively P 5,0002,50012,5007,0003,000P30,000CashP2,00028,000LiabilitiesOther non-cash assetsDe Mesa, LoanDe Mesa, CapitalTudtud. CapitalApostol, CapitalTotalTotalP30,000Profit and loss ratio is 3:2:1 for De Mesa, Tudtud and Apostol, respectively. Cash isdistributed as assets arerealized. Other assets were realized as follows:DateCash ReceivedBook ValueJanuary 2011February 2011March 2011P 6,0003,50012,500P 9,0007,70011,300How much is the total cash received by Tudtud and cash received by Apostol in January

Partnership is the form of business organisation under which two or more than two individuals form…

Answered: From the records of the DTA…

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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From the records of the DTA Partnership,

*please refer on the image below

a. P2,000; P200, respectively

b. P5,000; P-0-, respectively

c. P1,500; P1,000, respectively

d. P-0-; P500, respectively

P 5,000
2,500
12,500
7,000
3,000
P30,000
Cash
P2,000
28,000
Liabilities
Other non-cash assets
De Mesa, Loan
De Mesa, Capital
Tudtud. Capital
Apostol, Capital
Total
Total
P30,000
Profit and loss ratio is 3:2:1 for De Mesa, Tudtud and Apostol, respectively. Cash is
distributed as assets are
realized. Other assets were realized as follows:
Date
Cash Received
Book Value
January 2011
February 2011
March 2011
P 6,000
3,500
12,500
P 9,000
7,700
11,300
How much is the total cash received by Tudtud and cash received by Apostol in January

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.

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