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The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented below: CASH OTHER ASSETS 280,000 LIABILITIES X, LOAN X, CAPITAL Y, CAPITAL Z, CAPITAL TOTAL |50,000 25,000 125,000 70,000 30,000 300,000 P20,000 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 MAR. 2019 |CASH RECEIVED |60,000 35,000 |125,000 BOOK VALUE |90,000 |77,000 113,000 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 280,000 LIABILITIES X, LOAN X, CAPITAL Y, CAPITAL Z, CAPITAL TOTAL |50,000 25,000 125,000 70,000 30,000 300,000 P20,000 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 MAR. 2019 |CASH RECEIVED |60,000 35,000 |125,000 BOOK VALUE |90,000 |77,000 113,000 Cash is distributed as assets are realized, how much is the total cash received by partner Y?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Partnership Liquidation

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The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented below: P20,000 |280,000 |LIABILITIES |X, LOAN X, CAPITAL |Y, CAPITAL |Z, CAPITAL TOTAL CASH OTHER ASSETS |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 MAR. 2019 |CASH RECEIVED |60,000 35,000 |125,000 BOOK VALUE |90,000 |77,000 |113,000 Cash is distributed as assets are realized, how much is the total cash received by partner Y?
Transcribed Image Text:The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented below: P20,000 |280,000 |LIABILITIES |X, LOAN X, CAPITAL |Y, CAPITAL |Z, CAPITAL TOTAL CASH OTHER ASSETS |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 MAR. 2019 |CASH RECEIVED |60,000 35,000 |125,000 BOOK VALUE |90,000 |77,000 |113,000 Cash is distributed as assets are realized, how much is the total cash received by partner Y?
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