Julie, Liza and Emma are partners who share profits and losses in the ratio of 2:3:5. The partners have decided to liquidate the partnership.Their capital accounts show the following balances: Julie - P60,000 credit; Liza - P90,000 credit; Emma - P20,000 debit after the sale of non-cash assets and the payment of all liabilities. What is the amount of cash available for distribution: a.) P130,000 b.) P120,000 c.) P60,000 d.) P90,000
Julie, Liza and Emma are partners who share profits and losses in the ratio of 2:3:5. The partners have decided to liquidate the partnership.Their capital accounts show the following balances: Julie - P60,000 credit; Liza - P90,000 credit; Emma - P20,000 debit after the sale of non-cash assets and the payment of all liabilities. What is the amount of cash available for distribution: a.) P130,000 b.) P120,000 c.) P60,000 d.) P90,000
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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Julie, Liza and Emma are partners who share
a.) P130,000
b.) P120,000
c.) P60,000
d.) P90,000
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