The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows on December 31, 2010: P 10,000 4,000 6,000 P 12,000 Kelly, drawing (Dr.) Kyla, drawing (Cr.) Receivable fr. Kelly (Dr.) Loise, loan Kelly, capital Loise, capital Kyla, capital 49,500 37,000 32,500 Total assets amount to P176,000, including P53,500 cash. The partnership is liquidated and Kyla ultimately receives P27,500 as his share of cash in final distribution. How much did Kelly and Loise receive?
The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows on December 31, 2010: P 10,000 4,000 6,000 P 12,000 Kelly, drawing (Dr.) Kyla, drawing (Cr.) Receivable fr. Kelly (Dr.) Loise, loan Kelly, capital Loise, capital Kyla, capital 49,500 37,000 32,500 Total assets amount to P176,000, including P53,500 cash. The partnership is liquidated and Kyla ultimately receives P27,500 as his share of cash in final distribution. How much did Kelly and Loise receive?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows on
December 31, 2010:
P 10,000
P 12,000
Kelly, drawing (Dr.)
Kyla, drawing (Cr.)
Receivable fr. Kelly (Dr.)
Loise, loan
Kelly, capital
Loise, capital
Kyla, capital
4,000
6,000
49,500
37,000
32,500
Total assets amount to P176,000, including P53,500 cash. The partnership is liquidated and
Kyla ultimately receives P27,500 as his share of cash in final distribution. How much did Kelly
and Loise receive?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F407fb336-d7af-4d1a-9fa1-07c4fa72444e%2F50d8ec30-b608-4bfe-83bb-260773704693%2Ff26im8u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows on
December 31, 2010:
P 10,000
P 12,000
Kelly, drawing (Dr.)
Kyla, drawing (Cr.)
Receivable fr. Kelly (Dr.)
Loise, loan
Kelly, capital
Loise, capital
Kyla, capital
4,000
6,000
49,500
37,000
32,500
Total assets amount to P176,000, including P53,500 cash. The partnership is liquidated and
Kyla ultimately receives P27,500 as his share of cash in final distribution. How much did Kelly
and Loise receive?
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