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Loan and capital accounts of the firm of Viola, Virginia and Vivian just prior to liquidation show: Viola, Loan P 50,000 Viola, Capital (40%) 275,000 Virginia, Capital (30%) Vivian, Capital 257,500 (30%) 567,500

Loan and capital accounts of the firm of Viola, Virginia and Vivian just prior to liquidation show: Viola, Loan P 50,000 Viola, Capital (40%) 275,000 Virginia, Capital (30%) Vivian, Capital 257,500 (30%) 567,500

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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This topic is about Partnership Liquidation. Please choose the correct answer for no. 5 and 6. Thank you

 

 

$5-6 are based on the following: Loàn and capital accounts of the firm of Viola, Virginia and Vivian just prior to liquidation show: Viola, Loan P 50,000 Viola, Capital (40%) 275,000 Virginia, Capital (30%) Vivian, Capital (30%) 257,500 567,500
Transcribed Image Text:$5-6 are based on the following: Loàn and capital accounts of the firm of Viola, Virginia and Vivian just prior to liquidation show: Viola, Loan P 50,000 Viola, Capital (40%) 275,000 Virginia, Capital (30%) Vivian, Capital (30%) 257,500 567,500
this is distributed to partners. There is no balance of cash account, all non-cash assets were sold for P300,000 and 5. How much non-cash assets were sold? a. P1,000,000 b. P1,050,000 c. P1,100,000 d. P1,150,000 e. None of the above. 6. How much cash should Vivian receive? a. P164,150 b. P-0- c. P135,850 d. P300,000
Transcribed Image Text:this is distributed to partners. There is no balance of cash account, all non-cash assets were sold for P300,000 and 5. How much non-cash assets were sold? a. P1,000,000 b. P1,050,000 c. P1,100,000 d. P1,150,000 e. None of the above. 6. How much cash should Vivian receive? a. P164,150 b. P-0- c. P135,850 d. P300,000
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