Eli, Emi and Epi divide profits and losses in a 2:3:4 ratio. Just priorto liquidating their partnership,
Question:
Eli, Emi and Epi divide profits and losses in a 2:3:4 ratio. Just priorto liquidating their partnership, their respective account balances were P50,000, P96,000 and P74,000 as of April 1, 20x6. Their total assets include cash of P5,000 and a loan to Eli for P10,000, while their total liabilities of P90,000 include a loan from Epi for P30,000. The partners agreed to distribute cash as it becomes available at each-month end. Realization proceeds were P68,000 in April, P56,000 in May and P63,000 in June.
In the cash distribution on May 31, 20x6, the distributive share of Emi amounted to:
a). 26,000
b). 39,000
c). 13,000
d). 18667
In the cash distribution on June 30, 20x6, the distributive share of Epi amounted to:
a). 14,000
b). 35,000
c). 21,000
d). 28,000