the statement of financial position of the partnership of Bee, Cee and Dee, who share profits in the ratio of 2:1:1. Shows the following balances just before the liquidation.  Cash                   P 12,000 Other assets       59,500 Liabilities            49,000 Bee, Capital       22,000 Cee, Capital      15,500 Dee, Capital     (15,000)   On the first instalment of the liquidation, a gain of P8, 525 was realized from the sale of certain assets. Liquidation expenses of P 1,000 were paid and additional liquidation expenses are anticipated. Liabilities amounting to P 34,400 were paid. Remaining book value of other assets is P 1,550. On the first payment to partners, Bee received P 6,250. How much was the amount of cash withheld for anticipated liquidation expenses and the remaining liabilities?   P 14,600 P 11,475 P 26,075 P 29,200

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. the statement of financial position of the partnership of Bee, Cee and Dee, who share profits in the ratio of 2:1:1. Shows the following balances just before the liquidation. 

Cash                   P 12,000

Other assets       59,500

Liabilities            49,000

Bee, Capital       22,000

Cee, Capital      15,500

Dee, Capital     (15,000)

 

On the first instalment of the liquidation, a gain of P8, 525 was realized from the sale of certain assets. Liquidation expenses of P 1,000 were paid and additional liquidation expenses are anticipated. Liabilities amounting to P 34,400 were paid. Remaining book value of other assets is P 1,550. On the first payment to partners, Bee received P 6,250. How much was the amount of cash withheld for anticipated liquidation expenses and the remaining liabilities?

 

P 14,600

P 11,475

P 26,075

P 29,200

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