The balance sheet of Ana, Eva and Nora partnership, just before liquidation on June 4, is as follows: Cash P6,000 Liabilities P70,000 Non-cash assets 94,000 Eva, loan 4,000 Ana,capital (40%) Eva capital(40%) Nora, capital (20%) 27,000 39,000 10,000 P100,000 Total P100,000 Total On June 4,2012, other assets were sold for P30,700 and P20,500 had to be paid to liquidate the liabilities because of unrecorded claims amounting to P500. Ana and Eva are personally solvent, but Nora's personal liabilities exceed personal assets by P6,000. How much cash should be distributed to partners? Ana Eva Nora a. P1,480 P17,480 PO b. 100 16,100 2,760 C. 100 16,100 d. 1,480 16,100 e. None of the above

The balance sheet of Ana, Eva and Nora partnership, just before liquidation on June 4, is as follows: Cash P6,000 Liabilities P70,000 Non-cash assets 94,000 Eva, loan 4,000 Ana,capital (40%) Eva capital(40%) Nora, capital (20%) 27,000 39,000 10,000 P100,000 Total P100,000 Total On June 4,2012, other assets were sold for P30,700 and P20,500 had to be paid to liquidate the liabilities because of unrecorded claims amounting to P500. Ana and Eva are personally solvent, but Nora's personal liabilities exceed personal assets by P6,000. How much cash should be distributed to partners? Ana Eva Nora a. P1,480 P17,480 PO b. 100 16,100 2,760 C. 100 16,100 d. 1,480 16,100 e. None of the above

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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Question

The balance sheet of Ana, Eva and Nora partnership, just before liquidation on June 4, is as
follows:
Cash
P6,000
Liabilities
P70,000
Non-cash assets
94,000
Eva, loan
4,000
Ana capital (40%)
Eva capital(40%)
Nora, capital (20%)
27,000
39,000
10,000
Total
P100,000
Total
P100,000
On June 4,2012, other assets were sold for P30,700 and P20,500 had to be paid to liquidate the
liabilities because of unrecorded claims amounting to P500. Ana and Eva are personally solvent,
but Nora's personal liabilities exceed personal assets by P6,000. How much cash should be
distributed to partners?
Ana
Eva
Nora
а. Р1,480
P17,480
PO
b.
100
16,100
2,760
C.
100
16,100
d.
1,480
16,100
е.
None of the above

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