A balance sheet for the partnership of Sanjoe, Bea, and Piolo, who share profits and losses in the ratio 50:25:25, respectively, shows the following balances before liquidation: Cash P72,000 Other Assets 357,000 Liabilities 120,000 Sanjoe Capital 132,000 Вea Capital 93,000 Piolo Capital 84,000 In the first month of liquidation, certain assets were sold for P192,000. Liquidation expenses of P6,000 were paid, liabilities amounting to P32,400 were paid. The partners distributed the cash available after setting aside enough cash for future liquidation expenses. Sanjoe received P37,500 in the first month.
A balance sheet for the partnership of Sanjoe, Bea, and Piolo, who share profits and losses in the ratio 50:25:25, respectively, shows the following balances before liquidation: Cash P72,000 Other Assets 357,000 Liabilities 120,000 Sanjoe Capital 132,000 Вea Capital 93,000 Piolo Capital 84,000 In the first month of liquidation, certain assets were sold for P192,000. Liquidation expenses of P6,000 were paid, liabilities amounting to P32,400 were paid. The partners distributed the cash available after setting aside enough cash for future liquidation expenses. Sanjoe received P37,500 in the first month.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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1. How much cash did the partners set aside for future liquidation expenses?
Transcribed Image Text:A balance sheet for the partnership of Sanjoe, Bea, and Piolo, who share profits and losses in the ratio 50:25:25, respectively, shows the
following balances before liquidation:
Cash
P72,000
Other Assets
357,000
Liabilities
120,000
Sanjoe Capital
132,000
Bea Capital
93,000
Piolo Capital
84,000
In the first month of liquidation, certain assets were sold for P192,000. Liquidation expenses of P6,000 were paid, liabilities amounting
to P32,400 were paid. The partners distributed the cash available after setting aside enough cash for future liquidation expenses. Sanjoe
received P37,500 in the first month.
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