he assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follows: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net 40,000 Loan from S 20,000 Merchandise Inventory 80,000 Q, Capital (30%) 90,000 Non-current Asset 140,000 R, Capital (50%) 60,000 Loan to R 10,000 S, Capital (20%) 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?
he assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follows: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net 40,000 Loan from S 20,000 Merchandise Inventory 80,000 Q, Capital (30%) 90,000 Non-current Asset 140,000 R, Capital (50%) 60,000 Loan to R 10,000 S, Capital (20%) 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follows:
| ASSETS | LIABILITIES AND CAPITAL | ||
| Cash | 30,000 | Liabilities | 100,000 |
| Receivable, net | 40,000 | Loan from S | 20,000 |
| Merchandise Inventory | 80,000 | Q, Capital (30%) | 90,000 |
| Non-current Asset | 140,000 | R, Capital (50%) | 60,000 |
| Loan to R | 10,000 | S, Capital (20%) | 30,000 |
The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process.
Compute the amount to be received by Q if P150,000 is available for first distribution?
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