The balance sheet of Maroon and White was as follows immediately prior to the partnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities, P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were sold for P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, how much cash will Maroon receive? Prepare a statement of liquidation.
The balance sheet of Maroon and White was as follows immediately prior to the partnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities, P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were sold for P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, how much cash will Maroon receive? Prepare a statement of liquidation.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 5SEA: ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of the partnership of J. Hui and K. Cline, as of...
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The balance sheet of Maroon and White was as follows immediately prior to the
partnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities,
P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were sold
for P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cash
distribution from the liquidation, how much cash will Maroon receive? Prepare a
statement of liquidation.
![Exercises on Unit 4 Partnership Liquidation
Exercise 4-1
The balance sheet of Maroon and White was as follows immediately prior to the
partnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities,
P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were sold
for P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cash
distribution from the liquidation, how much cash will Maroon receive? Prepare a
statement of liquidation.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8342f7d0-504f-4e13-bddd-a3bc30d043b6%2F03c8419b-6d70-4bd6-a373-fc6109a38b7b%2Fstmdovt_processed.png&w=3840&q=75)
Transcribed Image Text:Exercises on Unit 4 Partnership Liquidation
Exercise 4-1
The balance sheet of Maroon and White was as follows immediately prior to the
partnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities,
P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were sold
for P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cash
distribution from the liquidation, how much cash will Maroon receive? Prepare a
statement of liquidation.
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