Capital balances of partners Q,R, S are the following before liquidation: P87,000, P95,500, P106,250 respectively. The partnership has a loan from partner Q in the amount of P8,000; loan to partner R in the amount of P4,500; advances to partner S in the amount of P6,500. The partners’ profit and loss ratio is 25:40:35 respectively. If in the first installment the total cash paid to partners is P57,000, how much did partner S receive?

Capital balances of partners Q,R, S are the following before liquidation: P87,000, P95,500, P106,250 respectively. The partnership has a loan from partner Q in the amount of P8,000; loan to partner R in the amount of P4,500; advances to partner S in the amount of P6,500. The partners’ profit and loss ratio is 25:40:35 respectively. If in the first installment the total cash paid to partners is P57,000, how much did partner S receive?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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