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PLS HELP THANKS B. Villanueva and Santos are about to liquidate their partnership. They each have P200.000 capital balances and they share profit and losses
PLS HELP THANKS
B. Villanueva and Santos are about to liquidate their partnership. They each have P200.000 capital balances and they share profit and losses in a 3:1 ratio, respectively. In addition, the partnership has P250,000 in cash, P450,000 non-cash assets, and P300,000 in accounts payable. Assuming that non-cash assets are sold for P170,000 and that both partners are personally solvent, prepare a statement of liquidation. VS Partnership Statement of Liquidation December 31, 2019 Cash + Non-cash assets Accounts payable + Villanueva, Capital Santos, Capital Balances 250,000 + 300,000 = 300,000 + 200,000 200,000Step by Step Solution
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