Dino, Doods and Dong have the following accounts and their normal balances on July 31, 2015, the dale the partners agreed to liquidate their 3D Partnership Cash : |20,000 Accounts Receivable 25,000 Allowance for Bad Debts 5,000 Merchandise Inventory 60,000 Furniture & Equipment 50,000 Accumulated Depreciation 5,000 Accounts Payable 10,000 Notes Payable 27,000 Loan due to Dino 5,000 Loan due to Doods 7,000 Dino, Capital 20,000 Doods, Capital 40,000 Dong, Capital 36,000 The partners divide profits and losses 4:1:5, respectively. Sales proceeds follow: Accounts receivable 10,000 Merchandise Inventory 30,000 Furniture & Equipment 20,000
Dino, Doods and Dong have the following accounts and their normal balances on July 31, 2015, the dale the partners agreed to liquidate their 3D Partnership Cash : |20,000 Accounts Receivable 25,000 Allowance for Bad Debts 5,000 Merchandise Inventory 60,000 Furniture & Equipment 50,000 Accumulated Depreciation 5,000 Accounts Payable 10,000 Notes Payable 27,000 Loan due to Dino 5,000 Loan due to Doods 7,000 Dino, Capital 20,000 Doods, Capital 40,000 Dong, Capital 36,000 The partners divide profits and losses 4:1:5, respectively. Sales proceeds follow: Accounts receivable 10,000 Merchandise Inventory 30,000 Furniture & Equipment 20,000
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 5CE
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Question
I. Non-cash assets amounted to
a. P125,000
b. P140,000
c. P130.000
d. P145,000
Transcribed Image Text:Dino, Doods and Dong have the following accounts and their normal balances on
July 31, 2015, the dale the partners agreed to liquidate their 3D Partnership
Cash :
20,000
Accounts Receivable
25,000
Allowance for Bad Debts
5,000
Merchandise Inventory
60,000
Furniture & Equipment
50,000
Accumulated Depreciation
5,000
Accounts Payable
10,000
Notes Payable
27,000
Loan due to Dino
5,000
Loan due to Doods
7,000
Dino, Capital
20,000
Doods, Capital
40,000
Dong, Capital
36,000
The partners divide profits and losses 4:1:5, respectively. Sales proceeds follow:
Accounts receivable
10,000
Merchandise Inventory
30,000
Furniture & Equipment
20,000
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