In the first month of liquidation, certain assets were sold for P360,000, gross of P10,000 disposal costs. Additional P4.000 co are anticipated before the liquidation is completed. Liabilities amounting to P56,000 were paid. Partial distributions were mad. to the partners. A and B share in profits and losses on a 3:1 ratio
In the first month of liquidation, certain assets were sold for P360,000, gross of P10,000 disposal costs. Additional P4.000 co are anticipated before the liquidation is completed. Liabilities amounting to P56,000 were paid. Partial distributions were mad. to the partners. A and B share in profits and losses on a 3:1 ratio
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.3.3MBA
Related questions
Question
![of P10,000 disposal costs. Additional P4,000 costs
2.
A, Capital
500,000
В, Сарital
Cash
Other assets
Liabilities
400,000
40,000
960,000
100,000
In the first month of liquidation, certain assets were sold
P360,000, gross of P10,000 disposal costs. Additional P4,000 cook
are anticipated before the liquidation is completed. Liabilities
amounting to P56,000 were paid. Partial distributions were mad
to the partners. A and B share in profits and losses on a 3:1 ratio
Requirement: Compute for the cash distributions to the partners.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F13937be7-03c1-4d73-94d2-9faa1493bc2e%2Fefa04b7b-36b6-438b-8260-9199e01d5346%2Ffkh9nc_processed.png&w=3840&q=75)
Transcribed Image Text:of P10,000 disposal costs. Additional P4,000 costs
2.
A, Capital
500,000
В, Сарital
Cash
Other assets
Liabilities
400,000
40,000
960,000
100,000
In the first month of liquidation, certain assets were sold
P360,000, gross of P10,000 disposal costs. Additional P4,000 cook
are anticipated before the liquidation is completed. Liabilities
amounting to P56,000 were paid. Partial distributions were mad
to the partners. A and B share in profits and losses on a 3:1 ratio
Requirement: Compute for the cash distributions to the partners.
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