Problem 8 A partnership is in the process of liquidation since only one of the partners (ME) is solvent. Capital balances at the time of liquidation were as follows. Profits and losses are divided on a 4:2:2:2 basis, respectively. МА, Саpital SA, Capital YA, Capital ME, Capital 60,000 67,000 17,000 96,000 MA's creditors filed a P25,000 claim against the partnership's assets. At that time, the partnership held assets reported at P360,000 and liabilities of P120,000. If the assets could be sold for P228,000, what is the minimum amount that MA's creditors would have received? 38,720 36.000 А. с. 2,500 B.

Problem 8 A partnership is in the process of liquidation since only one of the partners (ME) is solvent. Capital balances at the time of liquidation were as follows. Profits and losses are divided on a 4:2:2:2 basis, respectively. МА, Саpital SA, Capital YA, Capital ME, Capital 60,000 67,000 17,000 96,000 MA's creditors filed a P25,000 claim against the partnership's assets. At that time, the partnership held assets reported at P360,000 and liabilities of P120,000. If the assets could be sold for P228,000, what is the minimum amount that MA's creditors would have received? 38,720 36.000 А. с. 2,500 B.

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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