IV On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 6:1:3 of partners A, B and C respectively, revealed the following data: Cash 1,000,000 Other Liabilities 2,000,000 Receivable from A S00,000 Payable to B 1,000,000 Other non cash assets 2,000,000 Payable to C 100,000 A, Capital 700,000 B, Capital (650,000) c, Capital 350,000 a January 1, 2021, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The other non cash assets were sold for P1,500,000. Liquidation expenses amounting to P100,000 were incurred.
IV On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 6:1:3 of partners A, B and C respectively, revealed the following data: Cash 1,000,000 Other Liabilities 2,000,000 Receivable from A S00,000 Payable to B 1,000,000 Other non cash assets 2,000,000 Payable to C 100,000 A, Capital 700,000 B, Capital (650,000) c, Capital 350,000 a January 1, 2021, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The other non cash assets were sold for P1,500,000. Liquidation expenses amounting to P100,000 were incurred.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.22E
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1. How much cash was received by A at the end of
2. How much cash was received by B at the end of partnership liquidation?
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