The topic is about Partnership Liquidation. Please answer the no. 3 Partners Valerie, Vanessa, Vera and Veronica share profits 50%, 30%, 10% and10%Partners' accounts prior to liquidation follow:Capitals(Cr balances)P1,200,000AdvancesLoans(Dr balances)(Cr balances)ValerieP150,000Vanessa300,000900,000VeraP135,000P 75,000At the moment, P540,000 is available for distribution to the partners.450,000Veronica750,0003. How much cash is to be distributed to Veronica?a. P198,750b. P-0-c. P341,250d. P371,250e. None of the above.

In liquidation, available assets are divided among the partners based on their profit sharing ratio.…

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How much cash is to be distributed to Veronica?

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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Question

The topic is about Partnership Liquidation. Please answer the no. 3

Partners Valerie, Vanessa, Vera and Veronica share profits 50%, 30%, 10% and10%
Partners' accounts prior to liquidation follow:
Capitals
(Cr balances)
P1,200,000
Advances
Loans
(Dr balances)
(Cr balances)
Valerie
P150,000
Vanessa
300,000
900,000
Vera
P135,000
P 75,000
At the moment, P540,000 is available for distribution to the partners.
450,000
Veronica
750,000
3. How much cash is to be distributed to Veronica?
a. P198,750
b. P-0-
c. P341,250
d. P371,250
e. None of the above.

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