Answered: What was the amount received by Philip?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows:

Cash- 50,000
Other assets- 250,000
Liabilities- 60,000
Geri, Capital- 80,000
Elma, Capital- 90,000
Philip, Capital- 70,000

The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000.

What was the amount received by Philip?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG