The condensed financial position of Abdon, Berto and Cardo as of March 31, 20x1 showed the following: Cash P 28,000 Other assets 265,000 Liabilities 48,000 Abdon, Capital 95,000 Berto, Capital 80,000 Cardo, Capital 70,000 The income and loss ratio is 2:1:1 respectively. The partners decided to dissolve their partnership and liquidate by selling other assets in installment. All the partners are personally solvent. The first cash sale of assets with book value of P 150,000 was for P 70,000. After settlement with creditors, P35, 000 cash was distributed to the partners. How much cash was received by Cardo? P 12,500 P 21,250 P 20,000 P 17,500
The condensed financial position of Abdon, Berto and Cardo as of March 31, 20x1 showed the following: Cash P 28,000 Other assets 265,000 Liabilities 48,000 Abdon, Capital 95,000 Berto, Capital 80,000 Cardo, Capital 70,000 The income and loss ratio is 2:1:1 respectively. The partners decided to dissolve their partnership and liquidate by selling other assets in installment. All the partners are personally solvent. The first cash sale of assets with book value of P 150,000 was for P 70,000. After settlement with creditors, P35, 000 cash was distributed to the partners. How much cash was received by Cardo? P 12,500 P 21,250 P 20,000 P 17,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- The condensed financial position of Abdon, Berto and Cardo as of March 31, 20x1 showed the following:
Cash P 28,000
Other assets 265,000
Liabilities 48,000
Abdon, Capital 95,000
Berto, Capital 80,000
Cardo, Capital 70,000
The income and loss ratio is 2:1:1 respectively. The partners decided to dissolve their partnership and liquidate by selling other assets in installment. All the partners are personally solvent. The first cash sale of assets with book value of P 150,000 was for P 70,000. After settlement with creditors, P35, 000 cash was distributed to the partners. How much cash was received by Cardo?
- P 12,500
- P 21,250
- P 20,000
- P 17,500
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