On June 11, 2020, Moly, Nora and Olga form a partnership investing cash of P15,000, P13,500, and P4,200, respectively. The partners share profits of 3:2:2 and on August 30, 2020, they have cash of P1,000, and other assets of P47,500; liabilities are P25,600. On this date they decide to go out of business and sell all the assets for P30,000. Olga has personal assets of P1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to Nora upon liquidation of the partnership? A. P4,000 B. P2,040 C. P4,860 D. Zero

On June 11, 2020, Moly, Nora and Olga form a partnership investing cash of P15,000, P13,500, and P4,200, respectively. The partners share profits of 3:2:2 and on August 30, 2020, they have cash of P1,000, and other assets of P47,500; liabilities are P25,600. On this date they decide to go out of business and sell all the assets for P30,000. Olga has personal assets of P1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to Nora upon liquidation of the partnership? A. P4,000 B. P2,040 C. P4,860 D. Zero

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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