Item Nos. 19 to 21 are based on the following information: Partners Bruce, Charlie, and Demi share profits and losses in the ratio of 5:3:2, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partners' capital account balances at this time were as follows: Bruce------- P 22,000 24,900 Charlie- Demi 15,000 The liabilities accumulated to P 30,000, including a loan of P 10,000 from Bruce. The cash balance was P 6,000. All the partners are personally solvent. The partnership plans to sell the assets on installment basis.
Item Nos. 19 to 21 are based on the following information: Partners Bruce, Charlie, and Demi share profits and losses in the ratio of 5:3:2, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partners' capital account balances at this time were as follows: Bruce------- P 22,000 24,900 Charlie- Demi 15,000 The liabilities accumulated to P 30,000, including a loan of P 10,000 from Bruce. The cash balance was P 6,000. All the partners are personally solvent. The partnership plans to sell the assets on installment basis.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...
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Transcribed Image Text:Item Nos. 19 to 21 are based on the following information:
Partners Bruce, Charlie, and Demi share profits and losses in the ratio of
5:3:2, respectively. At the end of a very unprofitable year, they decided to
liquidate the firm. The partners' capital account balances at this time were as
follows:
000.000 9
Bruce-
-- P 22,000
Charlie ---
24,900
Demi-
15,000
11 SC
s
blo2 97
The liabilities accumulated to P 30,000, including a loan of P 10,000
from Bruce. The cash balance was P 6,000. All the partners are personally
solvent. The partnership plans to sell the assets on installment basis.
ich did
Transcribed Image Text:along
16M
20. If Bruce received a total of P 20,000 as a result of the liquidation, what was
OPC
the total amount realized from the sale of noncash assets?
a. P 85,900.
C.
P 61,900.
b.
P 73,900.
d.
P 24,000.
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