Dasal, Kho, Papasa, and Akho are partners sharing earnings in the ratio of 4:5:4:7. The balance of their capital accounts on December 31, 2019 are as follows: Dasal, P4,000; Kho, P20,000; Papasa, P20,000; and Akho, P8,000. The partners decided to liquidate, and they accordingly convert all non-cash assets into P24,000 cash. After paying the liabilities amounting to P4,000, they have P22,000 to divide. Assume that a debit balance in any partner's capital is uncollectible. How much did Kho receive in the final distribution ofcash?
Dasal, Kho, Papasa, and Akho are partners sharing earnings in the ratio of 4:5:4:7. The balance of their capital accounts on December 31, 2019 are as follows: Dasal, P4,000; Kho, P20,000; Papasa, P20,000; and Akho, P8,000. The partners decided to liquidate, and they accordingly convert all non-cash assets into P24,000 cash. After paying the liabilities amounting to P4,000, they have P22,000 to divide. Assume that a debit balance in any partner's capital is uncollectible. How much did Kho receive in the final distribution ofcash?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Dasal, Kho, Papasa, and Akho are partners sharing earnings in the ratio of 4:5:4:7. The balance of their capital accounts on December 31, 2019 are as follows: Dasal, P4,000; Kho, P20,000; Papasa, P20,000; and Akho, P8,000. The partners decided to liquidate, and they accordingly convert all non-cash assets into P24,000 cash. After paying the liabilities amounting to
P4,000, they have P22,000 to divide. Assume that a debit balance in any partner's capital is uncollectible. How much did Kho receive in the final distribution ofcash?
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