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?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%
a. P10,500; P34,500
b. P11,000; P35,500
c. P11,000; P35,000
d. P12,000; P35,500
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?
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?
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education