The post closing account balances on December 31, 2011 for the partnership of EGD are as follows: Cash P 390,000 160,000 50,000 Inventory Accounts Payable E, Capital G, Capital D, Capital 150,000 80,000 270,000 Due to unsatisfactory results of operations, the partners decided to liquidate the business. During January, some of the inventory is sold for P100,000. On January 31, 2012 all available cash is distributed. It is doubtful if the remaining inventory items can be sold. How much should each partner receive as settlement?

The post closing account balances on December 31, 2011 for the partnership of EGD are as follows: Cash P 390,000 160,000 50,000 Inventory Accounts Payable E, Capital G, Capital D, Capital 150,000 80,000 270,000 Due to unsatisfactory results of operations, the partners decided to liquidate the business. During January, some of the inventory is sold for P100,000. On January 31, 2012 all available cash is distributed. It is doubtful if the remaining inventory items can be sold. How much should each partner receive as settlement?

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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