FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The Sheen, Jimmy and Carl partnership had the following balance sheet just before entering liquidation: Cash P10,000 Liabilities P130,000 Noncash assets 300,000 Sheen, capital 60,000 Jimmy, capital 40,000 Carl, capital 80,000 P310,000 P310,000 Sheen, Jimmy and Carl share profits and losses in a ratio of 2:4:4. Non-cash assets were sold for P180,000. Liquidation expenses were P10,000. Assume that Jimmy was personally insolvent and could not contribute any assets fo the partnership, while Sheen and Carl were both solvent. What amount of cash would Sheen receive from the distribution of partnership assets?
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Transcribed Image Text:The Sheen, Jimmy and Carl partnership had the following balance sheet just before entering liquidation: Cash P10,000 Liabilities P130,000 Noncash assets 300,000 Sheen, capital 60,000 Jimmy, capital 40,000 Carl, capital 80,000 P310,000 P310,000 Sheen, Jimmy and Carl share profits and losses in a ratio of 2:4:4. Non-cash assets were sold for P180,000. Liquidation expenses were P10,000. Assume that Jimmy was personally insolvent and could not contribute any assets fo the partnership, while Sheen and Carl were both solvent. What amount of cash would Sheen receive from the distribution of partnership assets?
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