On December 31, 2021, the partnership of Anton, Andres and Angelo have the following accounts with their balances: Anton, capital (30%) 297,000 Andres, capital (30%) 222,000 Angelo, capital (40%) 195,000 Loan payable - Anton 72,000 Accounts receivable - Andres 36,000 Loan payable - Angelo 36,000 Because of unsuccessful operation for the last 2 years, the partners decide to liquidate after closing the books on December 31, 2021. On this date, total assets amounted to P1,056,000 including cash of P321,000. During the liquidation process, all the noncash assets were taken by the competitor. Liabilities were settled, liquidation expenses of P25,000 were paid and the balance was distributed to the partners. Ultimately, Angelo received P120,000 in the final settlement.

On December 31, 2021, the partnership of Anton, Andres and Angelo have the following accounts with their balances: Anton, capital (30%) 297,000 Andres, capital (30%) 222,000 Angelo, capital (40%) 195,000 Loan payable - Anton 72,000 Accounts receivable - Andres 36,000 Loan payable - Angelo 36,000 Because of unsuccessful operation for the last 2 years, the partners decide to liquidate after closing the books on December 31, 2021. On this date, total assets amounted to P1,056,000 including cash of P321,000. During the liquidation process, all the noncash assets were taken by the competitor. Liabilities were settled, liquidation expenses of P25,000 were paid and the balance was distributed to the partners. Ultimately, Angelo received P120,000 in the final settlement.

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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