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 150,000 Other liabilities 220,000 A Furnitures and 250,000 A. Capital (20%) 300,000 fixtures 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.

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 150,000 Other liabilities 220,000 A Furnitures and 250,000 A. Capital (20%) 300,000 fixtures 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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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