The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follcus: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net Merchandise Inventory 40,000 Loan from S 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 20,000 90,000 60,000 Non-current Asset Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?

The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follcus: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net Merchandise Inventory 40,000 Loan from S 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 20,000 90,000 60,000 Non-current Asset Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?

Name: Show the solution in good accounting form The assets and capital of QR
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Description: Show the solution in good accounting form The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are asfollcvs:ASSETSLIABILITIES AND CAPITALCash30,000 LiabilitiesReceivable, netMerchandise Inventory100,00020,00040

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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