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On December 31, 2022. the Statement of Financial Position of Abacus Partnership with profit or loss ratio of 6:1:3 of partners Abba, Baba and
On December 31, 2022. the Statement of Financial Position of Abacus Partnership with profit or loss ratio of 6:1:3 of partners Abba, Baba and Cusi respectively, revealed the following data: Cash Receivable from Abba Non-cash Total assets Question 31 P 1,000,000 Question 32 500,000 2,000,000 P 3.500,000 Other liabilities Payable to Baba Payable to Cusi Abba, capital Baba, capital Cusi, capital Total liabilities and capital P P In the previous problem pertaining to Abacus Partnership, how much cash was received by Baba upon partnership liquidation? 2,000,000 In the previous problem pertaining to Abacus Partnership, how much cash was received by Cusi upon partnership liquidation? 1,000,000 100,000 700,000 On January 1, 2023, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The non-cash assets were sold for P1.500,000. Liquidation expenses amounting to P100,000 were incurred. How much cash was received by Abba upon partnership liquidation? (650,000) 350,000 3.500.000
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