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Mary, Helga and Luz are partners who shares profits and losses in the ration of 4:2:2, respectively. On September 30, 2020 the partners decide to
Mary, Helga and Luz are partners who shares profits and losses in the ration of 4:2:2, respectively. On September 30, 2020 the partners decide to liquidate and give you the following balances: 300,000.00 Cash 400,000.00 Accounts Receivable 200,000.00 Inventories 800,000.00 Equipment 700,000.00 Accumulated Depreciation (100,000.00) Accounts Payable Notes Payable Mary, Capital Helga, Capital Luz, Capital 2,000,000.00 a. Accounts Receivable were sold for P175,000 400,000.00 700,000.00 400,000.00 200,000.00 2,000,000.00 b. Inventories were sold for P820,000 c. Equipment were sold for P550,000 d. Liquidation Expenses of P12,000 were paid. Compute and match each partner's capital distribution after payment of all liabilities. 1. Php 663,923.08 2. Php 383,076.92 Helga - Capital Distribution Mary - Capital Distribution 5. Php 670,384.62 6. Php 189,692.31 7. Php 0
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