12:38 A85On March 30, 2016, Garcia, James, Tang partnership hasthe following fiscal year-end balance sheet:P6,000P10,500CashAccounts PayableAccounts Receivable9,000Loan from Tang7,500InventoryGarcia, Capital (40%)Plant assets-net21,00021,00019,500James, Capital (20%)15,000Loan to Garcia7,500Tang, Capital (40%)9,000The percentages shown are the residual profit or losssharing ratios. The partnership dissolved the partnershipon January 1, 2016. and began the liquidation process.The partners set the policy of setting aside P3,000 cashfor contingent expenses every month prior to the lastdistribution period. The partnership strictly followed theliquidation process mandated by law.During January the following realization of assets andpayment of liquidation expenses occurred:a. Accounts receivable of P6,000 was collected and thebalance is deemed as bad debt.b. All inventory was sold for P15,000c. Liquidation expense of P1,500 was paid.During February the following realization of assets andpayment of liquidation expenses occurred:a. The plants assets was sold for P15,000b. Liquidation expense of P2,000 was paid.3. Using Schedule of Safe Payment, How muchcash would Garcia receive from the cash thatis available for distribution on January 30,2016?Your answer4. Using Schedule of Safe Payment, How muchcash would James receive from the cash thatis available for distribution on February 28,2016?Your answer

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On March 30, 2016, Garcia, James, Tang partnership has the following fiscal year-end balance sheet: Cash P6,000 Accounts Payable P10,500 Accounts Receivable 9,000 Loan from Tang Inventory Garcia, Capital (40%) Plant assets-net 7,500 21,000 21,000 19,500 15,000 7,500 James, Capital (20%) Loan to Garcia

On March 30, 2016, Garcia, James, Tang partnership has the following fiscal year-end balance sheet: Cash P6,000 Accounts Payable P10,500 Accounts Receivable 9,000 Loan from Tang Inventory Garcia, Capital (40%) Plant assets-net 7,500 21,000 21,000 19,500 15,000 7,500 James, Capital (20%) Loan to Garcia

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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