The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015; Cash ₱40,000 Liabilities ₱100,000 Other assets 560,000 Coney, Loan 50,000     Coney, Capital 250,000     Honey, Capital 140,000     Money, Capital 60,000   ₱600,000   ₱600,000 Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows:   DATE CASH RECEIVED BOOK VALUE January 2016 ₱120,000 ₱180,000 February 2016 70,000 154,000 March 2016 250,000 226,000   Cash is distributed as assets are realized. The total loss to Coney is: a.P60,000               b. P40,000             c. P20,000                   d. None

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015;

Cash

₱40,000

Liabilities

₱100,000

Other assets

560,000

Coney, Loan

50,000

 

 

Coney, Capital

250,000

 

 

Honey, Capital

140,000

 

 

Money, Capital

60,000

 

₱600,000

 

₱600,000

Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows:

 

DATE

CASH RECEIVED

BOOK VALUE

January 2016

₱120,000

₱180,000

February 2016

70,000

154,000

March 2016

250,000

226,000

 

Cash is distributed as assets are realized.

The total loss to Coney is:

a.P60,000               b. P40,000             c. P20,000                   d. None

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