Question
The financial position of A's and B's partnership before liquidation is as follows: Assets P40,000, Liabilities P5,000, A Capital (50%) P20,000, B, Capital (50%) P15,000.
The financial position of A's and B's partnership before liquidation is as follows: Assets P40,000, Liabilities P5,000, A Capital (50%) P20,000, B, Capital (50%) P15,000. All the assets are converted into P32,000 cash. After settling the liabilities, how much is the share of B in the remaining cash?
a. 27,000
b. 16,000
c. 11,000
d. 9,000
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
