PLEASE ANSWER QUESTION NO. 4 WITH SOLUTION. THANK YOU 3. Rueda, Castro and Pural have capital balances of P40,000, P50,000 and P18,000,respectively and a profit sharing ratio of 4:2:1, respectively. If Rueda receivedP8,000 upon liquidation, the total amount received by all the partners was:a. P108,000b. P56,000C. P24,000d. P52,0004. Assume the same facts in No. 3 above except that Rueda received P26,000 as aresult of the liquidation, Pural received as part of the liquidation:a. P26,000b. P18,000P14,500d. P14,000C.

Answered: Assume the same facts in No. 3 above…

Assume the same facts in No. 3 above except that Rueda received P26,000 as a result of the liquidation, Pural received as part of the liquidation: 4. a. P26,000 b. P18,000 P14,500 d. P14,000 C.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

PLEASE ANSWER QUESTION NO. 4 WITH SOLUTION. THANK YOU

3. Rueda, Castro and Pural have capital balances of P40,000, P50,000 and P18,000,
respectively and a profit sharing ratio of 4:2:1, respectively. If Rueda received
P8,000 upon liquidation, the total amount received by all the partners was:
a. P108,000
b. P56,000
C. P24,000
d. P52,000
4. Assume the same facts in No. 3 above except that Rueda received P26,000 as a
result of the liquidation, Pural received as part of the liquidation:
a. P26,000
b. P18,000
P14,500
d. P14,000
C.

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