Question
The partners' income and loss sharing ratio is 2:3:5, respectively. A, B, AND C PARTNERSHIP Statement of Financial Position December 31, 2013 Assets Cash P
The partners' income and loss sharing ratio is 2:3:5, respectively.
A, B, AND C PARTNERSHIP
Statement of Financial Position
December 31, 2013
Assets
Cash P 90,000
Noncash assets 570,000
Total P660,000
Liabilities and Partners' Equity
A, Capital 120,000
Liabilities P300,000
B, Capital 180,000
C, Capital 60,000
Total P660,000
If the partnership is liquidated by selling the noncash assets for P390,000 and creditors are paid in full, what is the amount of cash that can be safely distributed to B?
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
5th edition
134128524, 978-0134128528
