The statement of financial position is as shown below. Assets are sold for P175,000. Liabilities are paid as soon as cash is available, Creditors collect from solvent partners. whenever necessary. How much is the capital balance of lyah after the sale of non-cash assets?

The statement of financial position is as shown below. Assets are sold for P175,000. Liabilities are paid as soon as cash is available, Creditors collect from solvent partners. whenever necessary. How much is the capital balance of lyah after the sale of non-cash assets?

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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Concept explainers

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.

Question

yah, Ayah and Mia operate a business as a partnership and share net income and net loss in a 3.3:4 ratio, respectively. The personal assets and liabilities of the partners, gathered from their personal records show
Partner
Assets
Liabilities
lyah (General Partner)
P470,000
P450.000
Ayah (General Partner)
200,000
280,000
Mia (Limited Partner)
305,000
300,000
The statement of financial position is as shown below. Assets are sold for P175,000. Liabilities are paid as soon as cash is available, Creditors collect from solvent partners. whenever necessary. How much is the
capital balance of lyah after the sale of non-cash assets?
Cash
10,000 Accounts Payable
P200,000
Non-Cash
375,000 Loan, Mia
5,000
lyah, Capital
50,000
Ayah, Capital
70,000
Mia, Capital
60,000
Select the correct response
O P10,000
O P20,000
O (P10,000)
O (P20,000)
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