The following condensed balance sheet is presented for the partnership of Velarde, Soriano, and Villanueva, who share profits and losses in the ratio of 4:3:3, respectively: Cash P100,000 300,000 P400,000 Other Assets Total Liabilities Velarde, Capital Soriano, Capital Villanueva, Capital P150,000 40,000 180,000 30,000 P400,000 Total The partners agreed to dissolve the partnership after selling the other assets for P200,000. Upon dissolution of the partnership. Velarde should received in his retirement?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following condensed balance sheet is presented for the partnership of Velarde,
Soriano, and Villanueva, who share profits and losses in the ratio of 4:3:3, respectively:
Cash
P100,000
300,000
P400,000
Other Assets
Total
P150,000
40,000
180,000
30,000
P400,000
Liabilities
Velarde, Capital
Soriano, Capital
Villanueva, Capital
Total
The partners agreed to dissolve the partnership after selling the other
assets for P200,000. Upon dissolution of the partnership. Velarde should received in his
retirement?
Transcribed Image Text:The following condensed balance sheet is presented for the partnership of Velarde, Soriano, and Villanueva, who share profits and losses in the ratio of 4:3:3, respectively: Cash P100,000 300,000 P400,000 Other Assets Total P150,000 40,000 180,000 30,000 P400,000 Liabilities Velarde, Capital Soriano, Capital Villanueva, Capital Total The partners agreed to dissolve the partnership after selling the other assets for P200,000. Upon dissolution of the partnership. Velarde should received in his retirement?
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