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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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help me with no.7

much should MD have received at that point? The statement of financial position for FH and VN Partnership on May 1, Chapter 5 - Partnership Liquidation by Installment If in the first distribution, MD received P52,500, how If P55,500 is available for distribution to partners after all non-partner liabilities are paid, how much If in the first distribution, SR received P11,250, how should TJ have received? 5. 6. much is the total cash distributed to partners? C. 2018 before liquidation is as follows: Liabilities and Capital Assets P 175,000 140,000 Liabilities P 70,000 355,000 Cash FH, Capital (70%) VN, Capital (30%) Total Equity Other Assets 110,000 P 425,000 Total Assets P 425,000 In May, assets with a carrying value of P170,000 were sold for P145.000 creditors were paid in full, liquidation expense of P5,000 was paid ani P15,000 was paid to partners. 7. In May, how much did VN receive? The accounts of the partnership of A, B and C at the end of its fiscal year on October 31, 2018 are as follows: Cash P 78,750 Liabilities P262,500 Other Non-Cash Assets 682,500 26,250 Loan from C 52,500 236,250 157,500 78,750 Loan to B A, Capital (30%) B, Capital (50%) C, Capital (20%) If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive? 8. 162 D.
Transcribed Image Text:much should MD have received at that point? The statement of financial position for FH and VN Partnership on May 1, Chapter 5 - Partnership Liquidation by Installment If in the first distribution, MD received P52,500, how If P55,500 is available for distribution to partners after all non-partner liabilities are paid, how much If in the first distribution, SR received P11,250, how should TJ have received? 5. 6. much is the total cash distributed to partners? C. 2018 before liquidation is as follows: Liabilities and Capital Assets P 175,000 140,000 Liabilities P 70,000 355,000 Cash FH, Capital (70%) VN, Capital (30%) Total Equity Other Assets 110,000 P 425,000 Total Assets P 425,000 In May, assets with a carrying value of P170,000 were sold for P145.000 creditors were paid in full, liquidation expense of P5,000 was paid ani P15,000 was paid to partners. 7. In May, how much did VN receive? The accounts of the partnership of A, B and C at the end of its fiscal year on October 31, 2018 are as follows: Cash P 78,750 Liabilities P262,500 Other Non-Cash Assets 682,500 26,250 Loan from C 52,500 236,250 157,500 78,750 Loan to B A, Capital (30%) B, Capital (50%) C, Capital (20%) If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive? 8. 162 D.
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