D,E& F are partners with P&L ratio of5:4:1, respectively. The partnership is tobe liquidated. Prior to the liquidation, theStatement of financial position showsthe following balances : Cash 80,000Other Assets 720,000 Liab 80,000D,Cap 320,000 Е, Сар 240,000 F, Сар160,000 After realization, E received120,000 as settlement of his interest.1. How much was the loss on the sale ofassets ?2. How much did F receive in finalsettlement of his interest ?3. What amount of total cash wasdistributed to the partners ?

Partnership is a form of business which is run by two or more person. The profit and loss of the…

D,E& F are partners with P&L ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to the liquidation, the Statement of financial position shows the following balances : Cash 80,000 Other Assets 720,000 Liab 80,000 D,Cap 320,000 E, Cap 240,000 F, Cap 160,000 After realization, E received 120,000 as settlement of his interest. 1. How much was the loss on the sale of assets ? 2. How much did F receive in final settlement of his interest ? 3. What amount of total cash was distributed to the partners ?

D,E& F are partners with P&L ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to the liquidation, the Statement of financial position shows the following balances : Cash 80,000 Other Assets 720,000 Liab 80,000 D,Cap 320,000 E, Cap 240,000 F, Cap 160,000 After realization, E received 120,000 as settlement of his interest. 1. How much was the loss on the sale of assets ? 2. How much did F receive in final settlement of his interest ? 3. What amount of total cash was distributed to the partners ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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