The statement of Financial Position of JJJ Partnership, just before liquidation is as follows: ASSETS LIABILITIES & CAPITAL Cash 50,000 Liabilities 70,000 Other assets 140,000 Loan-Jan 20,000 Loan-Juls 10,000 Jan, Capital (50%) 30,000 Jun, Capital (30%) 50,000 Juls, Capital (20%) 30,000 Total Assets 200,000 Total Liabilities & Capital 200,000 If Jun received a total of P35,000 and liquidation expenses of 5,000 were paid, how much are the total proceeds on the sale of other assets?
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.
The
|
ASSETS |
|
LIABILITIES & CAPITAL |
|
|
Cash |
50,000 |
Liabilities |
70,000 |
|
Other assets |
140,000 |
Loan-Jan |
20,000 |
|
Loan-Juls |
10,000 |
Jan, Capital (50%) |
30,000 |
|
|
|
Jun, Capital (30%) |
50,000 |
|
|
|
Juls, Capital (20%) |
30,000 |
Total Assets 200,000 Total Liabilities & Capital 200,000
If Jun received a total of P35,000 and liquidation expenses of 5,000 were paid, how much are the total proceeds on the sale of other assets?
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