Alma, Tina and Carla are partners
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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Transcribed Image Text:Alma, Tina and Carla are partners. They divide profits and losses 30%, 40% and
30%, respectively. On June 30, 2019, they decided to liquidate their partnership
because of continuous losses in operation. The following balances of selected
accounts were taken from the books of the partnership on this date:
Accounts Receivable - Tina
Loans Payable - Carla
Loans Payable - Alma
Alma, Capital
Tina, Capital
Carla, Capital
P24,000
9,600
28,800
118,800
88,800
78,000
On this date, the partnership's assets were P534,400 excluding the receivables from
partners and cash of P28,000. The non-cash assets assets were sold at 70% of book
value. After the realization, the partnership paid all outside creditors and
liquidation expenses of P12,000 and distributed the remaining cash to the partners.
23. How much was cash was distributed to the partners?
a.
C.
b.
d.
P98,400
P132,000
P178,400
P78,000
000,049
000 214
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