A balance sheet for the partnership of KK, LL and MM, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash Other assets 238,000 KK, Cap. 88,000 LL. Cap.. MМ. Сар 56,000 Liab. 48,000 80,000 62,000 In the first month of liquidation, P128,000 was received on the sale of certain assets. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are anticipated before liquidation is completed. Creditors were paid P22,400. The available cash was distributed to the partners. The cash to be received by each partner based on the above data:

A balance sheet for the partnership of KK, LL and MM, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash Other assets 238,000 KK, Cap. 88,000 LL. Cap.. MМ. Сар 56,000 Liab. 48,000 80,000 62,000 In the first month of liquidation, P128,000 was received on the sale of certain assets. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are anticipated before liquidation is completed. Creditors were paid P22,400. The available cash was distributed to the partners. The cash to be received by each partner based on the above data:

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 10SPA: STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS After several years of operations, the partnership...

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