Question
On December 31, 20x20, the Statement of Financial Position of UFC Partnership shows the following data with profit or loss sharing of 2:3:5. Cash P15,000,000
On December 31, 20x20, the Statement of Financial Position of UFC Partnership shows the following data with profit or loss sharing of 2:3:5.
Cash
P15,000,000
Liabilities to others
P20,000,000
Other Noncash asset
40,000,000
U, Capital
15,000,000
F, Capital
12,500,000
C, Capital
7,500,000
On January 1, 20x21, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January. P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 20x21, partner U received P10,000,000.
What is the amount received by partner F on January 31, 20x21?
On December 31, 20x20, the Statement of Financial Position of UFC Partnership shows the following data with profit or loss sharing of 2:3:5.
Cash | P15,000,000 | Liabilities to others | P20,000,000 |
Other Noncash asset | 40,000,000 | U, Capital | 15,000,000 |
|
| F, Capital | 12,500,000 |
|
| C, Capital | 7,500,000 |
On January 1, 20x21, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January. P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 20x21, partner U received P10,000,000.
What is the amount received by partner F on January 31, 20x21?
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