The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The statement of financial position of the partnership in this day are as follows: Cash P600,000 Advances from B P20,000 Accounts Receivables 200,000 Trade payables 130,000 Loan receivable from A 150,000 Other liabilities 220,000 Furnitures and fixtures 250,000 A, Capital (20%) 300,000 Land 200,000 B, Capital (30%) 250,000 C, Capital (50%) 480,000 Total P1,400,000 Total P1,400,000 After payment of realization of the non-cash assets, payment of liabilities to creditors amounting to P350,000 and payment of liquidation expenses amounting to P20,000, partner A had a total interest of P80,000. Determine the total proceeds from the realization.
14.
The partners of ABC
|
Cash |
P600,000 |
Advances from B |
P20,000 |
|
|
200,000 |
Trade payables |
130,000 |
|
Loan receivable from A |
150,000 |
Other liabilities |
220,000 |
|
Furnitures and fixtures |
250,000 |
A, Capital (20%) |
300,000 |
|
Land |
200,000 |
B, Capital (30%) |
250,000 |
|
|
|
C, Capital (50%) |
480,000 |
|
Total |
P1,400,000 |
Total |
P1,400,000 |
After payment of realization of the non-cash assets, payment of liabilities to creditors amounting to P350,000 and payment of liquidation expenses amounting to P20,000, partner A had a total interest of P80,000.
Determine the total proceeds from the realization.
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