The ETO Partnership is in the process of liquidation. The account balances prior to liquidation are given below: Debits Credits Cash P 72,000 Liabilities Aurora, drawing Esteban, drawing Tyro, drawing Operating loss 10,000 15,000 20,000 21,000 12,000 Esteban, loan Туго, loan Aurora, capital Esteban, capital Туго, сapital P 40,000 8,000 25,000 49,000 18,000 Loss on realization 10,000 The partners share profits in the following ratio: Aurora, 1/6; Esteban, 2/6; and Tyro, 3/6. Upon liquidation of the partnership, Aurora should have received:
The ETO Partnership is in the process of liquidation. The account balances prior to liquidation are given below: Debits Credits Cash P 72,000 Liabilities Aurora, drawing Esteban, drawing Tyro, drawing Operating loss 10,000 15,000 20,000 21,000 12,000 Esteban, loan Туго, loan Aurora, capital Esteban, capital Туго, сapital P 40,000 8,000 25,000 49,000 18,000 Loss on realization 10,000 The partners share profits in the following ratio: Aurora, 1/6; Esteban, 2/6; and Tyro, 3/6. Upon liquidation of the partnership, Aurora should have received:
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The ETO
The partners share profits in the following ratio: Aurora, 1/6; Esteban, 2/6; and Tyro, 3/6.
Upon liquidation of the partnership, Aurora should have received:
Transcribed Image Text:The ETO Partnership is in the process of liquidation. The account balances prior to liquidation
are given below:
Debits
Credits
Cash
Liabilities
P. 40,000
Aurora, drawing
Esteban, drawing
Tyro, drawing
Operating loss
Loss on realization
P. 72,000
10,000
15,000
20,000
21,000
12,000
Esteban, loan
Tyro, loan
Aurora, capital
Esteban, capital
Туго, capital
8,000
25,000
49,000
18,000
10,000
The partners share profits in the following ratio: Aurora, 1/6; Esteban, 2/6; and Tyro, 3/6.
Upon liquidation of the partnership, Aurora should have received:
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