What amount of AAA’s P90,000 partnership equity would appear to be recoverable? 2. The partnership of AAA, BBB, and CCC wasdissolved on June 30, 2020 and accountbalances after realization of non-cash assetson September 1, 2020 are as follows:P 50,000120,00090,000(60,000)(100,000)CashAccounts payableAAA, Capital (30%)BBB, Capita130%)CCC, Capital (40%)Personal assets and liabilities of the partners atSeptember 1, 2020 are:AssetsP80,000100,000192,000LiabilitiesP90,00061,00080,000AAABBBCCCIf CCC contributes P70, 000 to the partnershipto provide cash to pay the creditors, whatamount of AAA's P90,000 partnership equitywould appear to be recoverable?Your answer

A partnership may be a formal course of action by two or more parties to oversee and work trade and…

2. The partnership of AAA, BBB, and CCC was dissolved on June 30, 2020 and account balances after realization of non-cash assets on September 1, 2020 are as follows: Cash Accounts payable AAA, Capital (30%) BBB, Capita130%) CCC, Capital (40%) P 50,000 120,000 90,000 (60,000) (100,000) Personal assets and liabilities of the partners at September 1, 2020 are: Liabilities P90,000 61,000 80,000 Assets P80,000 AAA BBB 100,000 192.000 CCC If CCC contributes P70, 000 to the partnership to provide cash to pay the creditors, what amount of AAA's P90,000 partnership equity would appear to be recoverable?

2. The partnership of AAA, BBB, and CCC was dissolved on June 30, 2020 and account balances after realization of non-cash assets on September 1, 2020 are as follows: Cash Accounts payable AAA, Capital (30%) BBB, Capita130%) CCC, Capital (40%) P 50,000 120,000 90,000 (60,000) (100,000) Personal assets and liabilities of the partners at September 1, 2020 are: Liabilities P90,000 61,000 80,000 Assets P80,000 AAA BBB 100,000 192.000 CCC If CCC contributes P70, 000 to the partnership to provide cash to pay the creditors, what amount of AAA's P90,000 partnership equity would appear to be recoverable?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 9E

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