The statement of financial position partnership as of December 31, 2020 is presented belOW: CASH P20,000 LIABILITIES 50,000 25,000 125,000 70,000 30,000 300,000 OTHER ASSETS 280,000 A, LOAN A, CAPITAL B, CAPITAL C, CAPITAL |ТOTAL 300,000 TOTAL Profits and loss ratio is 3:2:1 for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 60,000 90,000 77,000 113,000 FEB. 2020 35,000 MAR. 2020 125,000 Liquidation expenses paid are as follows: January - P500 February - P700 Cash is distributed as assets are realized, how much is the total cash received by partner A?
The statement of financial position partnership as of December 31, 2020 is presented belOW: CASH P20,000 LIABILITIES 50,000 25,000 125,000 70,000 30,000 300,000 OTHER ASSETS 280,000 A, LOAN A, CAPITAL B, CAPITAL C, CAPITAL |ТOTAL 300,000 TOTAL Profits and loss ratio is 3:2:1 for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 60,000 90,000 77,000 113,000 FEB. 2020 35,000 MAR. 2020 125,000 Liquidation expenses paid are as follows: January - P500 February - P700 Cash is distributed as assets are realized, how much is the total cash received by partner A?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below:
P20,000
280,000
LIABILITIES
A, LOAN
50,000
25,000
125,000
CASH
OTHER ASSETS
A, CAPITAL
70,000
30,000
300,000
B, CAPITAL
C, CAPITAL
TOTAL
300,000
|ТОTAL
Profits and loss ratio is 3:2:1 for A, B and C, respectively. Other assets were realized as follows:
DATE
CASH RECEIVED
BOOK VALUE
JAN. 2020
60,000
35,000
90,000
FEB. 2020
77,000
MAR. 2020
125,000
113,000
Liquidation expenses paid are as follows:
January - P500
February - P700
Cash is distributed as assets are realized, how much is the total cash received by partner A?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education