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Partners Mickey, Minnie, Donald and Daisy share profits in the ratio of 3:3:11 respectively. A balance sheet prepared just beforethe liquidation shows: Mickey Minnie Donald Daisy Capital balances Loanbalances P70,000 70,000 30,000 20,000 20,000 5,000 25,000 15,000 Proceeds fromthe sale of partnership assets during January and February are as follows: January February Proceeds fromsale of assets Cash distributed to partners Cashretained P15,000 10,000 P40,000 35,000 25,000 40,000 In January, how much cash were distributed to the partners respectively? Using the previous information, how much cash were distributed to the partners respectively in the month of February?

Partners Mickey, Minnie, Donald and Daisy share profits in the ratio of 3:3:11 respectively. A balance sheet prepared just beforethe liquidation shows: Mickey Minnie Donald Daisy Capital balances Loanbalances P70,000 70,000 30,000 20,000 20,000 5,000 25,000 15,000 Proceeds fromthe sale of partnership assets during January and February are as follows: January February Proceeds fromsale of assets Cash distributed to partners Cashretained P15,000 10,000 P40,000 35,000 25,000 40,000 In January, how much cash were distributed to the partners respectively? Using the previous information, how much cash were distributed to the partners respectively in the month of February?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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Partners Mickey, Minnie, Donald and Daisy share profits in the ratio of 3:3:11 respectively. A balance sheet prepared just beforethe liquidation shows: Mickey Minnie Donald Daisy Capital balances Loanbalances P70,000 70,000 30,000 20,000 20,000 5,000 25,000 15,000 Proceeds fromthe sale of partnership assets during January and February are as follows: January February Proceeds fromsale of assets Cash distributed to partners Cashretained P15,000 10,000 P40,000 35,000 25,000 40,000 In January, how much cash were distributed to the partners respectively? Using the previous information, how much cash were distributed to the partners respectively in the month of February?
Transcribed Image Text:Partners Mickey, Minnie, Donald and Daisy share profits in the ratio of 3:3:11 respectively. A balance sheet prepared just beforethe liquidation shows: Mickey Minnie Donald Daisy Capital balances Loanbalances P70,000 70,000 30,000 20,000 20,000 5,000 25,000 15,000 Proceeds fromthe sale of partnership assets during January and February are as follows: January February Proceeds fromsale of assets Cash distributed to partners Cashretained P15,000 10,000 P40,000 35,000 25,000 40,000 In January, how much cash were distributed to the partners respectively? Using the previous information, how much cash were distributed to the partners respectively in the month of February?
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