Pepe, CapitalPilar, Capital35,000.0070,000.00Paz, Capital120,000.00P700,000.000.00The partners share profits and losses equally. The other assets were sold for P530,000.00. Liquidation Expense ofP60,000 were paid. The partners' personal record shows the followingPersonalAssetsPersonal LiabilitiesPepe (general Partner)Pilar (general partner)P100,000.00P50,000.00200,000.00300,000.00Paz (limited partner)300,000.0050,000.00Compute the cash distribution forРереb.PilarC.Paz Pepe, Pilar and Paz Partnership showed the following financial position on June 30, 2020, the date of liquidation:AssetsCashP20,000.00Receivable from Paz30,000.00Other noncash assets650,000.00P700,000.00Liabilities and EquityAccounts PayableP150,000.00Notes Payable260,000.00Loans Payable to Pilar65,000.0035,000.00Рере, СаpitalPilar, CapitalPaz, Capital70,000.00120,000.00P700,000 000.00The partners share profits and losses equally. The other assets were sold for P530 000 00. Liquidation Expense ofP60,000 were paid. The partners' personal record shows the followingingPersonalTS,30AssetsPersonal LiabilitiesPepe (general Partner)P100 000 00P50 000 0022)200 .000 00

Cash Distribution Statement Particular Amount Note Payable Accounts Payable Loan Payable to…

Рере, Сарital 35,000.00 70,000.00 Pilar, Capital Paz, Capital 120,000.00 P700,000.00 0.00 The partners share profits and losses equally. The other assets were sold for P530,000.00. Liquidation Expense P60,000 were paid. The partners' personal record shows the following Personal Assets Personal Liabilities Pepe (general Partner) P100,000.00 P50,000.00 Pilar (general partner) 200,000.00 300,000.00

Рере, Сарital 35,000.00 70,000.00 Pilar, Capital Paz, Capital 120,000.00 P700,000.00 0.00 The partners share profits and losses equally. The other assets were sold for P530,000.00. Liquidation Expense P60,000 were paid. The partners' personal record shows the following Personal Assets Personal Liabilities Pepe (general Partner) P100,000.00 P50,000.00 Pilar (general partner) 200,000.00 300,000.00

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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