XIXThe partnership of JJ, KK, LL, and MM is preparing to liquidate. Profit and loss sharing ratios areshown is the summarized balance sheet at December 31, 2019 as follows:Liabilities and CapitalOther Liabilities...AssetsCash.....Inventories..Loan to KK...Other Assets..P 100,000100,00010,000255,000P 50,00050,000100,000160,00050,000JJ, loan....JJ, capital (40%).KK, capital (20%).LL, capital (20%).MM, capital (20%).Total...55.000Total..P 465.000P 465.000During January 2020, the inventories are sold for P42,500, the other liabilities are paid, and 25,000is set-aside for contingencies. Compute the total cash payment to partners and the cash thatshould receive by JJ and KK:Paymentto Partnersa. P 97,500b. P102,500Paymentto Partnersc. P72,500d. P67,500JJP11,666.50P15,000KKP80,833.50P82,500JJKKP72,500P67,500POРОXX

The partnership is referred to the type of business in which two or more partners join together to…

XIX The partnership of JJ, KK, LL, and MM is preparing to liquidate. Profit and loss sharing ratios are shown is the summarized balance sheet at December 31, 2019 as follows: Assets Cash........ Inventories.. Loan to KK.... Other Assets... Payment to Partners JJ a. P 97,500 b. P102,500 .P 100,000 100,000 10,000 255,000 P11,666.50 P15,000 Total..... P 465.000 During January 2020, the inventories are sold for P42,500, the other liabilities are paid, and 25,000 is set-aside for contingencies. Compute the total cash payment to partners and the cash that should receive by JJ and KK: KK P80,833.50 P82,500 Liabilities and Capital Other Liabilities.... JJ, loan..... JJ, capital (40%). KK, capital (20%). LL, capital (20%).. MM, capital (20%).. Total.... vv Payment. to Partners JJ c. P72,500 PO d. P67,500 PO P 50,000 50,000 100,000 160,000 KK P72,500 P67,500 50,000 55.000 P 465.000

XIX The partnership of JJ, KK, LL, and MM is preparing to liquidate. Profit and loss sharing ratios are shown is the summarized balance sheet at December 31, 2019 as follows: Assets Cash........ Inventories.. Loan to KK.... Other Assets... Payment to Partners JJ a. P 97,500 b. P102,500 .P 100,000 100,000 10,000 255,000 P11,666.50 P15,000 Total..... P 465.000 During January 2020, the inventories are sold for P42,500, the other liabilities are paid, and 25,000 is set-aside for contingencies. Compute the total cash payment to partners and the cash that should receive by JJ and KK: KK P80,833.50 P82,500 Liabilities and Capital Other Liabilities.... JJ, loan..... JJ, capital (40%). KK, capital (20%). LL, capital (20%).. MM, capital (20%).. Total.... vv Payment. to Partners JJ c. P72,500 PO d. P67,500 PO P 50,000 50,000 100,000 160,000 KK P72,500 P67,500 50,000 55.000 P 465.000

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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