The partnership of Rivera, Colorado and Reyes share profits and losses in the ratio of 5:3:2 respectively.The partners voted to liquidate the partnership when its assets, liabilities and capital were as folllows:AssetsCashP40,000210,000250,000Other AssetsTotal AssetsLiabilities and CapitalLiabilities60,000,48,000Colorado, Capital 72,00070,000250,000Rivera, CapitalReyes, CapitalTotalThe partnership will be liquidated over a prolonged period of time. As cash is available it will be distributedto the partners. The first sale of non-cash assets having a book value of P120,000 realized 90,000. Howmuch cash should be distributed to each partner after this sale?

Partnership:- Partnership is defined as the firm in which more than two partners can run the…

The partnership of Rivera, Colorado and Reyes share profits and losses in the ratio of 5:3:2 respectively. The partners voted to liquidate the partnership when its assets, liabilities and capital were as folllows: Assets Cash P40,000 Other Assets 210,000 250,000 Total Assets Liabilities and Capital Liabilities 60,000, 48,000 Rivera, Capital Colorado, Capital 72,000 Reyes, Capital 70,000 250,000 Total The partnership will be liquidated over a prolonged period of time. As cash is available it will be distributed to the partners. The first sale of non-cash assets having a book value of P120,000 realized 90,000. How much cash should be distributed to each partner after this sale?

The partnership of Rivera, Colorado and Reyes share profits and losses in the ratio of 5:3:2 respectively. The partners voted to liquidate the partnership when its assets, liabilities and capital were as folllows: Assets Cash P40,000 Other Assets 210,000 250,000 Total Assets Liabilities and Capital Liabilities 60,000, 48,000 Rivera, Capital Colorado, Capital 72,000 Reyes, Capital 70,000 250,000 Total The partnership will be liquidated over a prolonged period of time. As cash is available it will be distributed to the partners. The first sale of non-cash assets having a book value of P120,000 realized 90,000. How much cash should be distributed to each partner after this sale?

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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