Question
In a partnership liquidation balances prior to the distribution of cash to the partners are: Cash, P 240,000; LUMING, Capital- P112,000; TYY, Capital- P 104,000
In a partnership liquidation balances prior to the distribution of cash to the partners are: Cash, P 240,000; LUMING, Capital- P112,000; TYY, Capital- P 104,000 and SIVVY, Capital-P 24,000. The income ratio is 6:2:2, respectively.
How much cash should be distributed to LUMING?
Assume that there is only P 204,000 in cash and SIVVY has a capital deficiency of P 12,000. How much should be distributed to TYY?
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Electronic Data Processing Controls And Auditing
Authors: W.Thomas Porter
1st Edition
0534009336, 978-0534009335
