On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: 80,000 240,000 480,000 1,200,000 2,000,000 120,000 Cash Accounts receivable Inventory Equipment Total Accounts payable Payable to B A, Capital (20%) B, Capital (30%) C, Capital (50%) Total 80,000 400,000 600,000 800,000 2,000,000 nformation on the conversion of non-cash assets is as follows: P40,000 was collected on accounts receivable; the balance is uncollectible. P20,000 was received for the entire inventory. The equipment was sold for P200,000. PS,00 liquidation expenses were paid. P108,000 was paid to outside creditors, after offset of a P12,000 credit memorandum received on January 2, 20x1. Cis personally insolvent. mnt of hir intorot in tho mrtnorchin? Jow puch ddid Breseiva from the cottlony benartnar
On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: 80,000 240,000 480,000 1,200,000 2,000,000 120,000 Cash Accounts receivable Inventory Equipment Total Accounts payable Payable to B A, Capital (20%) B, Capital (30%) C, Capital (50%) Total 80,000 400,000 600,000 800,000 2,000,000 nformation on the conversion of non-cash assets is as follows: P40,000 was collected on accounts receivable; the balance is uncollectible. P20,000 was received for the entire inventory. The equipment was sold for P200,000. PS,00 liquidation expenses were paid. P108,000 was paid to outside creditors, after offset of a P12,000 credit memorandum received on January 2, 20x1. Cis personally insolvent. mnt of hir intorot in tho mrtnorchin? Jow puch ddid Breseiva from the cottlony benartnar
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A. 166,400
B. 0
C. 86,400
D. 183,200
Transcribed Image Text:On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following
information was made available:
Cash
80,000
Accounts receivable
240,000
Inventory
Equipment
Total
480,000
1,200,000
2,000,000
120,000
80,000
400,000
Accounts payable
Payable to B
A, Capital (20%)
B, Capital (30%)
C, Capital (50%)
Total
600,000
800,000
2,000,000
Information on the conversion of non-cash assets is as follows:
• P40,000 was collected on accounts receivable; the balance is uncollectible.
P20,000 was received for the entire inventory.
• The equipment was sold for P200,000.
P8,000 liquidation expenses were paid.
P108,000 was paid to outside creditors, after offset of a P12,000 credit memorandum received on
January 2, 20x1.
• Cis personally insolvent.
How much did B recei ve from the settlement of his interest in the partnership?
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