partnership
On January 1, 2021, the
Cash 375,000 TM, Capital 408,000
Other Assets 1,125,000 JK, Capital 474,000
Liabilities 282,000 AB, Capital 336,000
On January 15, 2021, the first cash sale of other assets with a carrying amount of P540,000 realized P444,000. Safe installment payments to the partners were made the same date.
1. If cash of P 165,000 is to be withheld for contingencies, how much cash should be distributed to AB?
2. Assuming the first cash sale of other assets with a carrying amount of 690,000 realized 495,000 and cash of 240,000 is to be withheld, how much cash should be distributed to JK?
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