. Partners Lanvega, Tauroneo, and Bryce share profits and losses in the ratio of 4:5:1. The statement of financial position for the partnership is as follows: P50,000 | Accounts Payable 360,000 Lanvega, Capital Tauroneo, Capital Bryce, Capital P410,000 Total Liabilities and Capital Cash P150,000 Inventory 160,000 45,000 55,000 Total Assets P410,000 If the inventory is sold for P300,000, how much should Lanvega receive upon liquidation of the partnership?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Provide complete solutions

a. ₱48,000

b. ₱100,000

c. ₱136,000

d. ₱160,000
19. Partners Lanvega, Tauroneo, and Bryce share profits and losses in the
ratio of 4:5:1. The statement of financial position for the partnership is
as follows:
P50,000 Accounts Payable
360,000 Lanvega, Capital
Tauroneo, Capital
Bryce, Capital
P410,000 Total Liabilities
and Capital
Cash
P150,000
Inventory
160,000
45,000
55,000
Total Assets
P410,000
If the inventory is sold for P300,000, how much should Lanvega receive
upon liquidation of the partnership?
Transcribed Image Text:19. Partners Lanvega, Tauroneo, and Bryce share profits and losses in the ratio of 4:5:1. The statement of financial position for the partnership is as follows: P50,000 Accounts Payable 360,000 Lanvega, Capital Tauroneo, Capital Bryce, Capital P410,000 Total Liabilities and Capital Cash P150,000 Inventory 160,000 45,000 55,000 Total Assets P410,000 If the inventory is sold for P300,000, how much should Lanvega receive upon liquidation of the partnership?
Expert Solution
steps

Step by step

Solved in 6 steps

Blurred answer
Knowledge Booster
Cash Flows
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education