The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH P50,000 LIABILITIES P80,000 OTHER ASSETS 300,000 A, LOAN 20,000 RECEIVABLE FROM B 10,000 A, CAPITAL 120,000 B, CAPITAL 90,000 C, CAPITAL 50,000 TOTAL P360,000 TOTAL P360,000 Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 90,000 P120,000 FEB. 2020 100,000 P80,000 MAR. 2020 125,000 P100,000 Liquidation expenses paid are as follows: January – P3,000 February – P5,000 Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?
The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH P50,000 LIABILITIES P80,000 OTHER ASSETS 300,000 A, LOAN 20,000 RECEIVABLE FROM B 10,000 A, CAPITAL 120,000 B, CAPITAL 90,000 C, CAPITAL 50,000 TOTAL P360,000 TOTAL P360,000 Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 90,000 P120,000 FEB. 2020 100,000 P80,000 MAR. 2020 125,000 P100,000 Liquidation expenses paid are as follows: January – P3,000 February – P5,000 Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
16.
The
|
CASH |
P50,000 |
LIABILITIES |
P80,000 |
|
OTHER ASSETS |
300,000 |
A, LOAN |
20,000 |
|
RECEIVABLE FROM B |
10,000 |
A, CAPITAL |
120,000 |
|
B, CAPITAL |
90,000 |
||
|
C, CAPITAL |
50,000 |
||
|
TOTAL |
P360,000 |
TOTAL |
P360,000 |
|
DATE |
|
BOOK VALUE |
|
JAN. 2020 |
90,000 |
P120,000 |
|
FEB. 2020 |
100,000 |
P80,000 |
|
MAR. 2020 |
125,000 |
P100,000 |
Liquidation expenses paid are as follows:
January – P3,000
February – P5,000
Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education