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the following were determined: Ledger Balances Personal Assets Personal Liabilities Accounts Payable P 20,000 Rose, Capital (30%) 10,000 P 50,000 P 45,000 Sol, Capital (30%)

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the following were determined: Ledger Balances Personal Assets Personal Liabilities Accounts Payable P 20,000 Rose, Capital (30%) 10,000 P 50,000 P 45,000 Sol, Capital (30%) 60,000 50,000 40,000 Taz, Capital (40%) (90,000) 100,000 40,000 The partnership creditors proceed against Taz for recovery of their claims, and the partners settle their claims against each other. The amount recovered by Sol from Taz is: a. P 55,000 b. P45,000 C. P40,000 d. P60,000 10. Elizabeth, Diana, Anthony, and Scarlett were partners who decided to liquidate the affairs of the partnership. Prior to dissolution, the condensed balance sheet together with the profit and loss sharing ratio was derived as follows: Cash P 100,000 Liabilities P 750,000 Other assets 1,800,000 Diana, loan 60,000 Scarlett, loan 50,000 Elizabeth, capital (30%) 420,000 Diana, capital (30%) 315,000 Anthony, capital (20%) 205,000 Scarlett, capital (20%) 100,000 P1,900,000 P1,900,000 The other assets were sold for P1,200,000. Payments were made to creditors and final distributions of cash were made to partners. a. The partner who got paid the most was: b. The cash received by Scarlett will be applied: 11. Capital balances of partners Q, R and S are the following before liquidation: 87,000, 95,500 and 106,250 each respectively. The partnership has a loan from partner Q in the amount of 8,000; loan to partner R in the amount of 4,500, advances to partner S in the amount of 6,500. The partners' profit and loss ratio is 25:40:35 each respectively. A) In the first installment sale, the total cash paid to partners is 57,000, how much did partner S receive? A. 0 C. 13,854 B. 19,396 D. 20,125 B) If partner Q received 20,000 in the first installment and partner S received 12,396 in the second installment, how much is received by partner Q as of the second installment and how much is the total cash paid to the partners in the second installment? A. 12,604 and 25,000 C. 23,750 and 30,000 B. 8,854 and 30,000 D. 32,604 and 25,000 12. The following is the Financial Position of IKR Partnership as of December 31, 2016

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