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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The post closing account balances on December 31, 2011 for the partnership of EGD are as follows:
Cash
P 390,000
Inventory
Accounts Payable
E, Capital
G, Capital
D, Capital
160,000
50,000
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4327637-29f1-45ae-b7da-3b84f0f18648%2Fc67d9c0c-6ece-4244-a28f-2b4439e49c04%2F4jlwt97_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The post closing account balances on December 31, 2011 for the partnership of EGD are as follows:
Cash
P 390,000
Inventory
Accounts Payable
E, Capital
G, Capital
D, Capital
160,000
50,000
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?
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