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Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows: Cash             198,000    Accounts payable          149,000  Inventory      80,000     Jade, capital (40%)       79,000  Plant assets  230,000    Kale, capital (40%)       140,000                                         Lilo, capital (20%)       140,000  Total assets 508,000    Total liabilities & equity508,000 Assuming non cash assets were sold for P150,000; 28.How much did Lilo receive in the cash settlement?

Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows: Cash             198,000    Accounts payable          149,000  Inventory      80,000     Jade, capital (40%)       79,000  Plant assets  230,000    Kale, capital (40%)       140,000                                         Lilo, capital (20%)       140,000  Total assets 508,000    Total liabilities & equity508,000 Assuming non cash assets were sold for P150,000; 28.How much did Lilo receive in the cash settlement?

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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Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows:

Cash             198,000    Accounts payable          149,000 
Inventory      80,000     Jade, capital (40%)       79,000 
Plant assets  230,000    Kale, capital (40%)       140,000 
                                       Lilo, capital (20%)       140,000 
Total assets 508,000    Total liabilities & equity508,000

Assuming non cash assets were sold for P150,000;

28.How much did Lilo receive in the cash settlement?

 

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