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nce sheet is presented for the partherst a the ratio of 60:40, respectively

nce sheet is presented for the partherst a the ratio of 60:40, respectively

FINANCIAL ACCOUNTING
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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40. The following condensed balance sheet is presented for the partnership of Smith and Jones, who share profits and losses in the ratio of 60:40, respectively: P450,000 20,000 Other assetS Smith, loan (receivable) Total assetS P120 000 Accounts Payable Smith, capital Jones, capital Total L& C 0000 P155,000 P470,000 The partners decided to liquidate the partnership. If the other assets are sold for P385,000, what amount the available cash should be distributed to Smith? 136,000 156,000 159,000 195,000
Transcribed Image Text:40. The following condensed balance sheet is presented for the partnership of Smith and Jones, who share profits and losses in the ratio of 60:40, respectively: P450,000 20,000 Other assetS Smith, loan (receivable) Total assetS P120 000 Accounts Payable Smith, capital Jones, capital Total L& C 0000 P155,000 P470,000 The partners decided to liquidate the partnership. If the other assets are sold for P385,000, what amount the available cash should be distributed to Smith? 136,000 156,000 159,000 195,000
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