On December 31,2012, the accounting records of the Colors Partnership included the following information: Black, drawing (debit balance) White, drawing (debit balance) P24,000 9,000 Green, loan Black,capital White, capital Green, capital Total asset amounted to P478,500, including P52,000 cash and liabilities totaled P150,000. The 30,000 123,000 100,500 108,000 partnership was liquidated on Dec. 31,2012, and White received P83,250 cash pursuant to the liquidation, Black, White and Green share net income and losses in 5:3:2 ratio respectively. How much should Black and Green receive upon liquidation of the partnership?

On December 31,2012, the accounting records of the Colors Partnership included the following information: Black, drawing (debit balance) White, drawing (debit balance) P24,000 9,000 Green, loan Black,capital White, capital Green, capital Total asset amounted to P478,500, including P52,000 cash and liabilities totaled P150,000. The 30,000 123,000 100,500 108,000 partnership was liquidated on Dec. 31,2012, and White received P83,250 cash pursuant to the liquidation, Black, White and Green share net income and losses in 5:3:2 ratio respectively. How much should Black and Green receive upon liquidation of the partnership?

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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