How much did See receive in the liquidation?
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2) After the realization of non-cash assets, the following account balances appeared in the genera ledger of the
Cash P 10,000
Liabilities 30,000
Pooh,Loan 5,000
See,Capital 15,000
Chap,Capital 10,000
Pooh,Capital 10,000
Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent.
Q2. How much did See receive in the liquidation?
a. 0
b. 3,000
c. 5,000
d. 15,000
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Solved in 2 steps
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