ians, Capital 80,000 Ephesians, Capital 90,000 Philippians, Capital 70,000 The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. Half of the liabilities was paid. At this time, Ephesians received P48,000. How
ians, Capital 80,000 Ephesians, Capital 90,000 Philippians, Capital 70,000 The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. Half of the liabilities was paid. At this time, Ephesians received P48,000. How
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 43P
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Question
On October 1, 2021, Galatians, Ephesians and Philippians who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows:
Cash
50,000
Other Assets
250,000
Liabilities
60,000
Galatians, Capital
80,000
Ephesians, Capital
90,000
Philippians, Capital
70,000
The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. Half of the liabilities was paid. At this time, Ephesians received P48,000. How much is the restricted interest?
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