Ledger balances of the OMG partnership as of May 31, 2019 are as follows: Cash P 150,000 Other Assets 1,080,000 Accounts Payable P 450,000 Olga, Capital 480,000 Mega, Capital 135,000 Giga, Capital 165,000 Profits and losses are shared 4:5:1 to Olga, Mega and Giga, respectively. If the partnership is liquidated in installments and assuming that as cash becomes available, it will be distributed to the partners; Inventory costing P 600,000 is sold for P 420,000, How much cash should be distributed to each partner at this time?

Ledger balances of the OMG partnership as of May 31, 2019 are as follows: Cash P 150,000 Other Assets 1,080,000 Accounts Payable P 450,000 Olga, Capital 480,000 Mega, Capital 135,000 Giga, Capital 165,000 Profits and losses are shared 4:5:1 to Olga, Mega and Giga, respectively. If the partnership is liquidated in installments and assuming that as cash becomes available, it will be distributed to the partners; Inventory costing P 600,000 is sold for P 420,000, How much cash should be distributed to each partner at this time?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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