On January 1, 2021, the partners C, D and E who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date the partnership condensed statement of financial position was as follows: Cash P 50,000, Other Assets 250,000, Liabilities P 60,000, C, capital 80,000, D. capital 90,000, E, capital 70,000. On January 15, 2021, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe installment payments to the partners were made the same date. How much cash should be distributed to each partner?
On January 1, 2021, the partners C, D and E who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date the partnership condensed statement of financial position was as follows: Cash P 50,000, Other Assets 250,000, Liabilities P 60,000, C, capital 80,000, D. capital 90,000, E, capital 70,000. On January 15, 2021, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe installment payments to the partners were made the same date. How much cash should be distributed to each partner?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2021, the partners C, D and E who share
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