Rafiel, Reyson, and Leanne are partners sharing profits and losses equally. The partnership is being liquidated and after all assets are converted to cash and all liabilities paid, there remained ₱52,000 cash available for distribution to the partners. Rafiel and Reyson have capital balances of ₱40,000, and ₱30,000, respectively. Leanne has a debit balance of ₱18,000 in her capital account. If Leanne is personally insolvent, how much cash will Rafiel receive? (Provide solutions) a. ₱26,000 b. ₱31,000 c. ₱34,000 d. ₱40,000
Rafiel, Reyson, and Leanne are partners sharing profits and losses equally. The partnership is being liquidated and after all assets are converted to cash and all liabilities paid, there remained ₱52,000 cash available for distribution to the partners. Rafiel and Reyson have capital balances of ₱40,000, and ₱30,000, respectively. Leanne has a debit balance of ₱18,000 in her capital account. If Leanne is personally insolvent, how much cash will Rafiel receive? (Provide solutions) a. ₱26,000 b. ₱31,000 c. ₱34,000 d. ₱40,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rafiel, Reyson, and Leanne are partners sharing
a. ₱26,000
b. ₱31,000
c. ₱34,000
d. ₱40,000
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