The statement of financial position of A,B,C partnership as of December 31, 2020 is presented below: CASH P20,000 LIABILITIES 50,000 OTHER ASSETS 280,000 A, LOAN 25,000     A, CAPITAL 125,000     B, CAPITAL 70,000     C, CAPITAL 30,000 TOTAL 300,00 TOTAL 300,000 Profit and loss ratio is 3:2:1 for A, B and C respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN 2020 60,000 90,000 FEB 2020 35,000 77,000 MAR 20220 125,000 113,000 Liquidation expenses paid are as follows: January - P500 February - P700 Cash is distributed as assets are realized, how much is the total cash received by partner A?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The statement of financial position of A,B,C partnership as of December 31, 2020 is presented below:

CASH P20,000 LIABILITIES 50,000
OTHER ASSETS 280,000 A, LOAN 25,000
    A, CAPITAL 125,000
    B, CAPITAL 70,000
    C, CAPITAL 30,000
TOTAL 300,00 TOTAL 300,000

Profit and loss ratio is 3:2:1 for A, B and C respectively. Other assets were realized as follows:

DATE CASH RECEIVED BOOK VALUE
JAN 2020 60,000 90,000
FEB 2020 35,000 77,000
MAR 20220 125,000 113,000

Liquidation expenses paid are as follows:

January - P500

February - P700

Cash is distributed as assets are realized, how much is the total cash received by partner A?

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