The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented below: CASH OTHER ASSETS LIABILITIES X, LOAN X, CAPITAL Y, CAPITAL Ζ.CAΡΙTAL TOTAL P20,000 280,000 50,000 25,000 125,000 70,000 30,000 300,000 TOTAL 300,000 Profits and loss ratio is 3:2:1 for X, Y and Z, respectively. Other assets were realized as follows: DATE JAN. 2019 FEB. 2019 |CASH RECEIVED 60,000 35,000 125,000 BOOK VALUE |90,000 77,000 113,000 MAR. 2019 Cash is distributed as assets are realized, how much is the total cash received by partner Y?
The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented below: CASH OTHER ASSETS LIABILITIES X, LOAN X, CAPITAL Y, CAPITAL Ζ.CAΡΙTAL TOTAL P20,000 280,000 50,000 25,000 125,000 70,000 30,000 300,000 TOTAL 300,000 Profits and loss ratio is 3:2:1 for X, Y and Z, respectively. Other assets were realized as follows: DATE JAN. 2019 FEB. 2019 |CASH RECEIVED 60,000 35,000 125,000 BOOK VALUE |90,000 77,000 113,000 MAR. 2019 Cash is distributed as assets are realized, how much is the total cash received by partner Y?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The statement of financial position of X, Y, Z partnership as of December
31, 2019 is presented below:
CASH
P20,000
280,000
LIABILITIES
X, LOAN
X, CAPITAL
Y, CAPΡΙTAL
Z, CAPITAL
TOTAL
50,000
25,000
125,000
70,000
30,000
300,000
OTHER ASSETS
ΤΟΤAL
300,000
Profits and loss ratio is 3:2:1 for X, Y and Z, respectively. Other assets
were realized as follows:
CASH RECEIVED
60,000
DATE
JAN. 2019
FEB. 2019
BOOK VALUE
90,000
77,000
113,000
35,000
MAR. 2019
125,000
Cash is distributed as assets are realized, how much is the total cash
received by partner Y?
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