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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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From the records of the DTA Partnership, answer question nos. 10 to 12: DTA Partnership Statement of Financial Position Dec. 31, 2019 Assets P 2,000 28,000 Р30,000 Cash Other non-cash assets Total Liabilities and Capital Liabilities P 5,000 De Mesa, Loan De Mesa, Capital Tudtud, Capital Apostol, Capital 2,500 12,500 7,000 3,000 P30,000 Total 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 2019 February 2019 P 6,000 P 9,000 3,500 7,700 March 2019 12,500 11,300 10. The total loss to De Mesa is: a. Р3,000 b. P2,000 С. P1,000 d. P-0-
Transcribed Image Text:From the records of the DTA Partnership, answer question nos. 10 to 12: DTA Partnership Statement of Financial Position Dec. 31, 2019 Assets P 2,000 28,000 Р30,000 Cash Other non-cash assets Total Liabilities and Capital Liabilities P 5,000 De Mesa, Loan De Mesa, Capital Tudtud, Capital Apostol, Capital 2,500 12,500 7,000 3,000 P30,000 Total 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 2019 February 2019 P 6,000 P 9,000 3,500 7,700 March 2019 12,500 11,300 10. The total loss to De Mesa is: a. Р3,000 b. P2,000 С. P1,000 d. P-0-
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