Ada, Bea, Cindy and Diane are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. The balances of their capital accounts on December 31, 2020 are: Ada, P10,000, Bea P250,000; Cindy, P250,000; and Diane, P90,000. The partners decide to liquidate and they accordingly convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash Bea should receive?
Ada, Bea, Cindy and Diane are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. The balances of their capital accounts on December 31, 2020 are: Ada, P10,000, Bea P250,000; Cindy, P250,000; and Diane, P90,000. The partners decide to liquidate and they accordingly convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash Bea should receive?
Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation
Section: Chapter Questions
Problem 43P
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Ada, Bea, Cindy and Diane are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. The balances of their capital accounts on December 31, 2020 are: Ada, P10,000, Bea P250,000; Cindy, P250,000; and Diane, P90,000. The partners decide to liquidate and they accordingly convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash Bea should receive?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT