Question
The following statement of financial position is for the partnership of Uno, Dos, and Tres: Cash P20,000 Liabilities P50,000 Other Assets 180,000 Uno, Capital (40%)
The following statement of financial position is for the partnership of Uno, Dos, and Tres:
Cash P20,000 Liabilities P50,000
Other Assets 180,000 Uno, Capital (40%) 37,000
Dos, Capital (40%) 65,000
Tres, Capital (20%) 48,000
Total P 200,000 Total P 200,000
If the firm as shown on the original statement of financial position is dissolved and liquidated by selling assets in installments, the first sale of non-cash assets having a book value of P90,000 realizes P50,000, and cash of P17,000 after settlement with creditors is distributed, how much should partner Tres receive?
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Canadian Cases In Financial Accounting
Authors: Carol E. Dilworth, Joan E. D. Conrod
2nd Edition
256111405, 978-0256111408
