FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Question
yah, Ayah and Mia operate a business as a partnership and share net income and net loss in a 3.3:4 ratio, respectively. The personal assets and liabilities of the partners, gathered from their personal records show
Partner
Assets
Liabilities
lyah (General Partner)
P470,000
P450.000
Ayah (General Partner)
200,000
280,000
Mia (Limited Partner)
305,000
300,000
The statement of financial position is as shown below. Assets are sold for P175,000. Liabilities are paid as soon as cash is available, Creditors collect from solvent partners. whenever necessary. How much is the
capital balance of lyah after the sale of non-cash assets?
Cash
10,000 Accounts Payable
P200,000
Non-Cash
375,000 Loan, Mia
5,000
lyah, Capital
50,000
Ayah, Capital
70,000
Mia, Capital
60,000
Select the correct response
O P10,000
O P20,000
O (P10,000)
O (P20,000)
< Previous
Continue >
expand button
Transcribed Image Text:yah, Ayah and Mia operate a business as a partnership and share net income and net loss in a 3.3:4 ratio, respectively. The personal assets and liabilities of the partners, gathered from their personal records show Partner Assets Liabilities lyah (General Partner) P470,000 P450.000 Ayah (General Partner) 200,000 280,000 Mia (Limited Partner) 305,000 300,000 The statement of financial position is as shown below. Assets are sold for P175,000. Liabilities are paid as soon as cash is available, Creditors collect from solvent partners. whenever necessary. How much is the capital balance of lyah after the sale of non-cash assets? Cash 10,000 Accounts Payable P200,000 Non-Cash 375,000 Loan, Mia 5,000 lyah, Capital 50,000 Ayah, Capital 70,000 Mia, Capital 60,000 Select the correct response O P10,000 O P20,000 O (P10,000) O (P20,000) < Previous Continue >
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education