On Demeber 31, 20x20, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 5:3:2 of respective partners. Noncash assets with a carrying amount P1,000,000 were sold ata gain of P100,000.Liquidation expenses for the month of January amounting toP50,000 were paid.It is estimated that liquidation expenses amounting to P150,000will be incurred for the month of February, 20x21.• 20% of the liabilities to third persons were settled.Available cash was distributed to the partners.As of February 28, 20x21, the following transactions occurred:Remaining noncash assets were sold at a loss of P100,000.• The final liquidation expenses for the month of Februaryamounted to P100,000.The remaining liabilities to third persons were settled.Remaining cash was finally distributed to the partners.How much is the amount of total cash withheld on January 31,20x21? prdings - UnOn December 31, 20x20, the Statement of Financial Position of ABCPartnership with profit or loss ratio of 5:3:2 of respective partners A,B and C showed the following information:CashP1,600,000Total liabilitiesP2,000,000Noncash assets 1,400,000A, Capital100,000B, Capital500,000C, Capital400,000On January 1, 20x21, the partners decided to liquidate thepartnership in installment. All partners are legally declared to bepersonally insolvent.As of January 31, 20x21, the following transactions occurred:Noncash assets with a carrying amount P1,000,000 were sold ata gain of P100,000.

ABC Partnership Proposed Schedule of Liquidation January 31.…

Answered: On December 31, 20x20, the Statement of…

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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On Demeber 31, 20x20, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 5:3:2 of respective partners.

Noncash assets with a carrying amount P1,000,000 were sold at
a gain of P100,000.
Liquidation expenses for the month of January amounting to
P50,000 were paid.
It is estimated that liquidation expenses amounting to P150,000
will be incurred for the month of February, 20x21.
• 20% of the liabilities to third persons were settled.
Available cash was distributed to the partners.
As of February 28, 20x21, the following transactions occurred:
Remaining noncash assets were sold at a loss of P100,000.
• The final liquidation expenses for the month of February
amounted to P100,000.
The remaining liabilities to third persons were settled.
Remaining cash was finally distributed to the partners.
How much is the amount of total cash withheld on January 31,
20x21?

prdings - Un
On December 31, 20x20, the Statement of Financial Position of ABC
Partnership with profit or loss ratio of 5:3:2 of respective partners A,
B and C showed the following information:
Cash
P1,600,000
Total liabilities
P2,000,000
Noncash assets 1,400,000
A, Capital
100,000
B, Capital
500,000
C, Capital
400,000
On January 1, 20x21, the partners decided to liquidate the
partnership in installment. All partners are legally declared to be
personally insolvent.
As of January 31, 20x21, the following transactions occurred:
Noncash assets with a carrying amount P1,000,000 were sold at
a gain of P100,000.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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