On December 31, 2018, A, B, and C decided to liquidate their partnership. The statement of financial position accounts consisted of the following prior to liquidation: Cash -P100,000 Loan to B -P25,000 Other assets -P1,075,000 Liabilities to outsiders -P603,000 Due to C -P32,000 A, Capital -P216,000 B, Capital -P187,000 C, Capital -P162,000 A, B, and C share profits and losses in the ratio of 4:4:2, respectively. The partnership was able to sell all the other assets for P1,120,000 and paid liquidation expenses of P10,000. A How much cash should A receive?
On December 31, 2018, A, B, and C decided to liquidate their partnership. The statement of financial position accounts consisted of the following prior to liquidation: Cash -P100,000 Loan to B -P25,000 Other assets -P1,075,000 Liabilities to outsiders -P603,000 Due to C -P32,000 A, Capital -P216,000 B, Capital -P187,000 C, Capital -P162,000 A, B, and C share profits and losses in the ratio of 4:4:2, respectively. The partnership was able to sell all the other assets for P1,120,000 and paid liquidation expenses of P10,000. A How much cash should A receive?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 31, 2018, A, B, and C decided to liquidate their partnership. The statement of financial position accounts consisted of the following prior to liquidation:
Cash -P100,000
Loan to B -P25,000
Other assets -P1,075,000
Liabilities to outsiders -P603,000
Due to C -P32,000
A, Capital -P216,000
B, Capital -P187,000
C, Capital -P162,000
A, B, and C share
The partnership was able to sell all the other assets for P1,120,000 and paid liquidation expenses of P10,000. A
How much cash should A receive?
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