Moose, Booze and Goose are partners with capital balances of P 320,000, P 450,000 and P 520,000 respectively with profit and loss sharing ratio of 2:3:5 respectively. The firm owes Booze P 20,000. Upon liquidation, P 390,000 is available for distribution to the partners. What amount of cash will Moose receive? * P78,000 O P136,000 O P258,000 O P320,000

Moose, Booze and Goose are partners with capital balances of P 320,000, P 450,000 and P 520,000 respectively with profit and loss sharing ratio of 2:3:5 respectively. The firm owes Booze P 20,000. Upon liquidation, P 390,000 is available for distribution to the partners. What amount of cash will Moose receive? * P78,000 O P136,000 O P258,000 O P320,000

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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