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Partners Valerie, Vanessa, Vera and Veronica share profits 50%, 30%, 10% and10% Partners' accounts prior to liquidation follow: Capitals (Cr balances) P1,200,000 Advances Loans (Cr balances) P150,000 (Dr balances) Valerie Vanessa 300,000 900,000 450,000 750,000 Vera P135,000 Veronica P 75,000 At the moment, P540,000 is available for distribution to the partners.

Partners Valerie, Vanessa, Vera and Veronica share profits 50%, 30%, 10% and10% Partners' accounts prior to liquidation follow: Capitals (Cr balances) P1,200,000 Advances Loans (Cr balances) P150,000 (Dr balances) Valerie Vanessa 300,000 900,000 450,000 750,000 Vera P135,000 Veronica P 75,000 At the moment, P540,000 is available for distribution to the partners.

FINANCIAL ACCOUNTING
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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1. How much casg is to be distributed to Veronica and Vanessa?
Partners Valerie, Vanessa, Vera and Veronica share profits 50%, 30%, 10% and10% Partners' accounts prior to liquidation follow: Capitals (Cr balances) P1,200,000 Advances Loans (Cr balances) P150,000 (Dr balances) Valerie Vanessa 300,000 900,000 Vera P135,000 450,000 Veronica P 75,000 750,000 At the moment, P540,000 is available for distribution to the partners.
Transcribed Image Text:Partners Valerie, Vanessa, Vera and Veronica share profits 50%, 30%, 10% and10% Partners' accounts prior to liquidation follow: Capitals (Cr balances) P1,200,000 Advances Loans (Cr balances) P150,000 (Dr balances) Valerie Vanessa 300,000 900,000 Vera P135,000 450,000 Veronica P 75,000 750,000 At the moment, P540,000 is available for distribution to the partners.
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