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olomon, P160,000; Josias, P20,000 David, P205,000; Solomon, P115,000; Josias, P0 David, P206,000; Solomon, P114,000; Josias, P0   Assuming instead that any deficient partner is solvent, how should the available cash be distributed to each partner?     David, P206,000; Solomon, P114,000; Josias, P0 David, P210,000; Solomon, P118,000; Josi

olomon, P160,000; Josias, P20,000 David, P205,000; Solomon, P115,000; Josias, P0 David, P206,000; Solomon, P114,000; Josias, P0   Assuming instead that any deficient partner is solvent, how should the available cash be distributed to each partner?     David, P206,000; Solomon, P114,000; Josias, P0 David, P210,000; Solomon, P118,000; Josi

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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The partners decide to liquidate the partnership. If the other assets are sold for P400,000 and any deficient partner is insolvent, how should the available cash be distributed to each partner?

David, P210,000; Solomon, P118,000; Josias, P8,000
David, P280,000; Solomon, P160,000; Josias, P20,000
David, P205,000; Solomon, P115,000; Josias, P0
David, P206,000; Solomon, P114,000; Josias, P0
 
Assuming instead that any deficient partner is solvent, how should the available cash be distributed to each partner?
 
 
David, P206,000; Solomon, P114,000; Josias, P0
David, P210,000; Solomon, P118,000; Josias, P8,000
David, P205,000; Solomon, P115,000; Josias, P0
David, P280,000; Solomon, P160,000; Josias, P20,000
The following statement of financial position is presented for the partnership of David Faithful, Solomon Wise, and Josias Honest who share profits and losses in the ratio of 5:3:2 respectively: P140,000 280,000 P60,000 540,000 Cash Liabilities David, Capital Solomon, Capital Josias, Capital Other Assets 160,000 20,000 P600,000 Total P600,000 Total
Transcribed Image Text:The following statement of financial position is presented for the partnership of David Faithful, Solomon Wise, and Josias Honest who share profits and losses in the ratio of 5:3:2 respectively: P140,000 280,000 P60,000 540,000 Cash Liabilities David, Capital Solomon, Capital Josias, Capital Other Assets 160,000 20,000 P600,000 Total P600,000 Total
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