Partners RJ, RS and RX share profit and losses in the ratio 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: RJ P66,000 RS 74,700 RX 45,000 The liabilities accumulate to P90,000, including a loan of P30,000 from RJ. Th cash balance is P18,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If RS received P10,8000 from the first distribution of cash, how much did RX receive at that time?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Partners RJ, RS and RX share profit and  losses in the ratio 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows:

RJ        P66,000

RS          74,700

RX          45,000

The liabilities accumulate to P90,000, including a loan of P30,000 from RJ. Th cash balance is P18,000.  All the partners are personally  solvent.   The partners plan to sell the assets in installment.  If RS received P10,8000 from the first distribution of cash, how much did RX receive at that time?

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