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The final cash distribution to Yen would be

The final cash distribution to Yen would be

FINANCIAL ACCOUNTING
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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17. Julie, Olga, and Yen were partners in JOY textile distribution business sharing profits and losses equally. On June 30, 2020, the capital and drawings accounts of the partners were as follows: Partner Julie Olga Yen Capital P 100,000 80,000 300,000 Drawings P 60,000 A. P162,000 B. P108,000 C. P84,000 D. P78,000 40,000 20,000 The partnership was unable to collect trade receivables and was forced to liquidate on November 30, 2020. Operating profit from July 1 to November 30 amounted to P72,000 which was all exhausted, including the partnership assets. Unsettled creditors' claims totaled P84,000. Olga and Yen had substantial private resources but Julie had no personal assets. The final cash distribution to Yen would be
Transcribed Image Text:17. Julie, Olga, and Yen were partners in JOY textile distribution business sharing profits and losses equally. On June 30, 2020, the capital and drawings accounts of the partners were as follows: Partner Julie Olga Yen Capital P 100,000 80,000 300,000 Drawings P 60,000 A. P162,000 B. P108,000 C. P84,000 D. P78,000 40,000 20,000 The partnership was unable to collect trade receivables and was forced to liquidate on November 30, 2020. Operating profit from July 1 to November 30 amounted to P72,000 which was all exhausted, including the partnership assets. Unsettled creditors' claims totaled P84,000. Olga and Yen had substantial private resources but Julie had no personal assets. The final cash distribution to Yen would be
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