The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follcus: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net Merchandise Inventory 40,000 Loan from S 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 20,000 90,000 60,000 Non-current Asset Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?
The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follcus: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net Merchandise Inventory 40,000 Loan from S 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 20,000 90,000 60,000 Non-current Asset Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as
follcvs:
ASSETS
LIABILITIES AND CAPITAL
Cash
30,000 Liabilities
Receivable, net
Merchandise Inventory
100,000
20,000
40,000 Loan from S
80,000 Q, Capital (30%)
140,000 R, Capital (50%)
10,000 S, Capital (20%)
90,000
Non-current Asset
60,000
Loan to R
30,000
The partners decide to liquidated the partnership. They estimate that the noncash assets, other
than the loan to R, can be converted into P200,000 cash over the two-months period ending
December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available
during the liquidation process. Compute the amount to be received by Q if P150,000 is available for
first distribution?
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