The partners of the M & N Partnership started liquidating their business on July 1, 20x5, at which time the partners were sharing profits and losses 40% to M and 60% to N. The balance sheet of the partnership appeared as follows: Assets Cash 8,800 Receivable 22,400 Inventory Equipment Accumulated Depreciation (30,800) Total 39,400 65,200 34,400 105,000 Liabilities & Equity Accounts payable М, саpital M, drawing N, capital N, drawing N, loan Total 32,400 31,000 (5,400) 33,200 ( 200) 25,600 33,000 14.000 105,000 During the month of July, the partners collected P600 of the receivables with no loss. The partners also sold during the month the entire inventory on which they realized a total of P32,400. How much of the cash was paid to M's capital on July 31, 20x5?
The partners of the M & N Partnership started liquidating their business on July 1, 20x5, at which time the partners were sharing profits and losses 40% to M and 60% to N. The balance sheet of the partnership appeared as follows: Assets Cash 8,800 Receivable 22,400 Inventory Equipment Accumulated Depreciation (30,800) Total 39,400 65,200 34,400 105,000 Liabilities & Equity Accounts payable М, саpital M, drawing N, capital N, drawing N, loan Total 32,400 31,000 (5,400) 33,200 ( 200) 25,600 33,000 14.000 105,000 During the month of July, the partners collected P600 of the receivables with no loss. The partners also sold during the month the entire inventory on which they realized a total of P32,400. How much of the cash was paid to M's capital on July 31, 20x5?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
A. 25,600
B. 5,400
C. 0
D. 320
Transcribed Image Text:The partners of the M & N Partnership started liquidating their business on July 1, 20x5, at which
time the partners were sharing profits and losses 40% to M and 60% to N. The balance sheet of
the partnership appeared as follows:
Assets
Cash
8,800
Receivable
22,400
Inventory
Equipment
Accumulated Depreciation (30,800)
Total
39,400
65,200
34,400
105,000
Liabilities & Equity
Accounts payable
М, саpital
M, drawing
N, capital
N, drawing
N, loan
Total
32,400
31,000
(5,400)
33,200
( 200)
25,600
33,000
14.000
105,000
During the month of July, the partners collected P600 of the receivables with no loss. The partners
also sold during the month the entire inventory on which they realized a total of P32,400. How
much of the cash was paid to M's capital on July 31, 20x5?
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