Julie, Olga, and Yen were partners in JOY textile distribution business sharing profits and losses equally. On June 30, 2020, the capital and drawings accounts of the partners were as follows: Partner Capital Drawings Julie P 100,000 P 60,000 Olga 80,000 40,000 Yen 300,000 20,000 The partnership was unable to collect trade receivables and was forced to liquidate on November 30, 2020. Operating profit from July 1 to November 30 amounted to $72,000 which was all exhausted, including the partnership assets. Unsettled creditors' claims totaled P84,000. Olga and Yen had substantial private resources but Julie had no personal assets. The final cash distribution to Yen would be

Julie, Olga, and Yen were partners in JOY textile distribution business sharing profits and losses equally. On June 30, 2020, the capital and drawings accounts of the partners were as follows: Partner Capital Drawings Julie P 100,000 P 60,000 Olga 80,000 40,000 Yen 300,000 20,000 The partnership was unable to collect trade receivables and was forced to liquidate on November 30, 2020. Operating profit from July 1 to November 30 amounted to $72,000 which was all exhausted, including the partnership assets. Unsettled creditors' claims totaled P84,000. Olga and Yen had substantial private resources but Julie had no personal assets. The final cash distribution to Yen would be

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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