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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. P10,500; P34,500
b. P11,000; P35,500
c. P11,000; P35,000
d. P12,000; P35,500
d. P12,000; P35,500
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