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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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statement of financial position of thepartnership 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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