11. If Sally received P10,000 from the first distribution of cash, how much did Sabina and Sandra receive at that time? Sabina Sandra a. P -0- P-0- b. P 7,594 P 7,163 P20,250 P19,100 с. d. P15,000 P 6,000
11. If Sally received P10,000 from the first distribution of cash, how much did Sabina and Sandra receive at that time? Sabina Sandra a. P -0- P-0- b. P 7,594 P 7,163 P20,250 P19,100 с. d. P15,000 P 6,000
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 43P
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Question
This topic is about Partnership Liquidation. Please answer no. 11
Transcribed Image Text:Partners Sabina, Sally and Sandra share profits and losses in the ratio of 5 3:2. At
the end of the year, they decided to liquidate the firm by selling the non-cash assets
in installment. The partners' capital account balances prior to liquidation are as
follows:
Sabina
P110,000
Sally
P124,500
Sandra
P 75,000
The partnership has no liabilities except the loan of P50,000 from Sabina. The cash
balance is P80,000. All the partners are personally solvent.
11. If Sally received P10,000 from the first distribution of cash, how much did
Sabina and Sandra receive at that time?
Sabina
Sandra
P -0-
P -0-
a.
b.
P 7,594
P 7,163
P20,250
P19,100
C.
d.
P15,000
P 6,000
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