Ramos, Seechua and Tria are partners in a textile distribution business, sharing profits and losses equally. On Dec. 31, 2018, the partnership capital and the partners' drawing were as follows: Ramos Seechua Tria Total Capital Drawing P100,000 60,000 P80,000 40,000 P300,000 P480,000 120,000 20,000 The partnership was unable to collect on its trade receivables, and it was forced to liquidate. The operating profits for 2018 amounted to P72,000, and was all exhausted including the partnership assets. Unsettled creditors' claim at Dec. 31, 2019 amounted to P84,000. Seechua and Tria have substantial private resources, but Ramos has no available free assets. The final cash distribution to Tria was: a. P162,000 b. P108,000 c. P 84,000 d. P 78,000 С.

Ramos, Seechua and Tria are partners in a textile distribution business, sharing profits and losses equally. On Dec. 31, 2018, the partnership capital and the partners' drawing were as follows: Ramos Seechua Tria Total Capital Drawing P100,000 60,000 P80,000 40,000 P300,000 P480,000 120,000 20,000 The partnership was unable to collect on its trade receivables, and it was forced to liquidate. The operating profits for 2018 amounted to P72,000, and was all exhausted including the partnership assets. Unsettled creditors' claim at Dec. 31, 2019 amounted to P84,000. Seechua and Tria have substantial private resources, but Ramos has no available free assets. The final cash distribution to Tria was: a. P162,000 b. P108,000 c. P 84,000 d. P 78,000 С.

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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