Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How much cash was received by A at the end of partnership liquidation? IV On December 31, 2020, the Statement of Financial Position of ABC

image text in transcribed

How much cash was received by A at the end of partnership liquidation?

IV On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 6:1-3 of partners A, B and C respectively, revealed the following data: Cash 1,000,000 Other Liabilities 2,000,000 Receivable from A 500.000 Payable to B 1.000.000 Other non cash assets 2.000.000 Payable to C 100,000 A, Capital 700,000 B, Capital (650.000) C, Capital 350.000 On January 1, 2021, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The other non cash assets were sold for P1,500,000. Liquidation expenses amounting to P100,000 were incurred

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditors Manual And Guide The Practitioners Guide To Internal Auditing

Authors: Milton Stevens Fonorow

1st Edition

0134711947, 978-0134711942

More Books

Students also viewed these Accounting questions

Question

What does the term warranty mean?

Answered: 1 week ago