North, South, East and West are partners with capital balances of P2,000, P50,000, P50,000 and P18,000, respectively. Profits and losses are also shared 2:3:3:2, respectively. The partners decide to liquidate. The non cash assets were realized for P34,800, liabilities amounting to P4,500 were paid and the partners still have P33,300 to divide for themselves. Assume any capital deficiency can no longer be collected. How much is the cash balance before realization?
North, South, East and West are partners with capital balances of P2,000, P50,000, P50,000 and P18,000, respectively. Profits and losses are also shared 2:3:3:2, respectively. The partners decide to liquidate. The non cash assets were realized for P34,800, liabilities amounting to P4,500 were paid and the partners still have P33,300 to divide for themselves. Assume any capital deficiency can no longer be collected. How much is the cash balance before realization?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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North, South, East and West are partners with capital balances of P2,000, P50,000, P50,000 and P18,000, respectively. Profits and losses are also shared 2:3:3:2, respectively. The partners decide to liquidate. The non cash assets were realized for P34,800, liabilities amounting to P4,500 were paid and the partners still have P33,300 to divide for themselves. Assume any capital deficiency can no longer be collected. How much is the cash balance before realization?
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