D,E& F are partners with P&L ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to the liquidation, the Statement of financial position shows the following balances : Cash 80,000 Other Assets 720,000 Liab 80,000 D,Cap 320,000 E, Cap 240,000 F, Cap 160,000 After realization, E received 120,000 as settlement of his interest. Required: 1. How much was the loss on the sale of assets ? 2. How much did F receive in final settlement of his interest ? 3. What amount of total cash was distributed to the partners ?
D,E& F are partners with P&L ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to the liquidation, the Statement of financial position shows the following balances : Cash 80,000 Other Assets 720,000 Liab 80,000 D,Cap 320,000 E, Cap 240,000 F, Cap 160,000 After realization, E received 120,000 as settlement of his interest. Required: 1. How much was the loss on the sale of assets ? 2. How much did F receive in final settlement of his interest ? 3. What amount of total cash was distributed to the partners ?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 5SEB
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D,E& F are partners with P&L ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to the liquidation, the
Required:
1. How much was the loss on the sale of assets ?
2. How much did F receive in final settlement of his interest ?
3. What amount of total cash was distributed to the partners ?
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