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The balance sheet of the RJ, SJ and TJ partnership, just before liquidation, is as follows: Assets P120,000 Liabilities RJ, loan RJ, capital SJ, capital TJ, capital 50,000 10,000 22,000 30,000 8,000 P120,000 Total RJ, SJ and TJ share profits 5:3:2 respectively. Certain assets are sold for P80,000. Creditors are paid in full, partners are paid P20,000, and cash withheld for future expenses P10,000. How much cash is to be distributed to the partners? RJ SJ TJ PO PO a. P7,000 b. P5,750 с. Р5,250 d. P7,550 e. None of the above P13,000 P14,250 P14,750 P12,450 РО PO

The balance sheet of the RJ, SJ and TJ partnership, just before liquidation, is as follows: Assets P120,000 Liabilities RJ, loan RJ, capital SJ, capital TJ, capital 50,000 10,000 22,000 30,000 8,000 P120,000 Total RJ, SJ and TJ share profits 5:3:2 respectively. Certain assets are sold for P80,000. Creditors are paid in full, partners are paid P20,000, and cash withheld for future expenses P10,000. How much cash is to be distributed to the partners? RJ SJ TJ PO PO a. P7,000 b. P5,750 с. Р5,250 d. P7,550 e. None of the above P13,000 P14,250 P14,750 P12,450 РО PO

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. The balance sheet of the RJ, SJ and TJ partnership, just before liquidation, is as follows: Assets P120,000 Liabilities 50,000 10,000 RJ, loan RJ, capital SJ, capital TJ, capital Total 22,000 30,000 8,000 P120,000 RJ, SJ and TJ share profits 5:3:2 respectively. Certain assets are sold for P80,000. Creditors are paid in full, partners are paid P20,000, and cash withheld for future expenses P10,000. How much cash is to be distributed to the partners? RJ SJ TJ P13,000 P14,250 a. P7,000 b. P5,750 с. Р5,250 d. P7,550 PO PO P14,750 P12,450 PO PO е. None of the above
Transcribed Image Text:1. The balance sheet of the RJ, SJ and TJ partnership, just before liquidation, is as follows: Assets P120,000 Liabilities 50,000 10,000 RJ, loan RJ, capital SJ, capital TJ, capital Total 22,000 30,000 8,000 P120,000 RJ, SJ and TJ share profits 5:3:2 respectively. Certain assets are sold for P80,000. Creditors are paid in full, partners are paid P20,000, and cash withheld for future expenses P10,000. How much cash is to be distributed to the partners? RJ SJ TJ P13,000 P14,250 a. P7,000 b. P5,750 с. Р5,250 d. P7,550 PO PO P14,750 P12,450 PO PO е. None of the above
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