Question
A,B,andCarepartnersinABCPartnershipandshareprofitsandlosses,5:3:2,respectively. Thepartnershaveagreedtoliquidatethepartnership.Priortoliquidation,thepartnership balance sheet shows the following bookvalues. Cash P25,200 Non-cash 297,600 Notes, payable to C 38,400 Other liabilities 184,800 A, capital 72,000 B, capital
A,B,andCarepartnersinABCPartnershipandshareprofitsandlosses,5:3:2,respectively. Thepartnershaveagreedtoliquidatethepartnership.Priortoliquidation,thepartnership balance sheet shows the following bookvalues.
Cash P25,200
Non-cash 297,600
Notes, payable to C 38,400
Other liabilities
184,800
A, capital
72,000
B, capital
(12,000)
C, capital
39,600
Liquidation expenses of P16,800 are paid. Non-cash assets with a book value of P240,000 are sold for P216,000. How much cash should C receive?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting Fundamentals
Authors: John J. Wild
5th edition
1308500102, 1308500106, 78025753, 978-0078025754
