Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and P5,000 respectively on December 31, 2019. The partners’ profit and loss ratio is 3:2:1 respectively. The partners decided to liquidate the partnership and sold all non-cash assets for P37,000. After settlement of all liabilities amounting to P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital deficiency is uncollectible, the share of Joy in the distribution of cash should be? 11. Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and2 pointsP5,000 respectively on December 31, 2019. The partners' profit and lossratio is 3:2:1 respectively. The partners decided to liquidate the partnershipand sold all non-cash assets for P37,000. After settlement of all liabilitiesamounting to P12,000, they still have cash of P28,000 left for distribution.Assuming that any capital deficiency is uncollectible, the share of Joy inthe distribution of cash should be:A. P10,200B. P11,000C. P17,000D. P17,800

Joy share is 11,000. Working is as follows: Particular Jo Joy Joyce Total Capital…

Answered: Jo, Joy, and Joyce have capital…

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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Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and P5,000 respectively on December 31, 2019. The partners’ profit and loss ratio is 3:2:1 respectively. The partners decided to liquidate the partnership and sold all non-cash assets for P37,000. After settlement of all liabilities amounting to P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital deficiency is uncollectible, the share of Joy in the distribution of cash should be?

11. Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and
2 points
P5,000 respectively on December 31, 2019. The partners' profit and loss
ratio is 3:2:1 respectively. The partners decided to liquidate the partnership
and sold all non-cash assets for P37,000. After settlement of all liabilities
amounting to P12,000, they still have cash of P28,000 left for distribution.
Assuming that any capital deficiency is uncollectible, the share of Joy in
the distribution of cash should be:
A. P10,200
B. P11,000
C. P17,000
D. P17,800

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