This topic is about Partnership Liquidation. Please choose the correct answer for no. 5 and 6. Thank you $5-6 are based on the following:Loàn and capital accounts of the firm of Viola, Virginia and Vivian just prior toliquidation show:Viola, LoanP 50,000Viola, Capital(40%)275,000Virginia, Capital (30%)Vivian, Capital (30%)257,500567,500 this is distributed to partners.There is no balance of cash account, all non-cash assets were sold for P300,000 and5. How much non-cash assets were sold?a. P1,000,000b. P1,050,000c. P1,100,000d. P1,150,000e. None of the above.6. How much cash should Vivian receive?a. P164,150b. P-0-c. P135,850d. P300,000

This question is related to the liquidation of a partnership firm that is the partnership firm is…

Loan and capital accounts of the firm of Viola, Virginia and Vivian just prior to liquidation show: Viola, Loan P 50,000 Viola, Capital (40%) 275,000 Virginia, Capital (30%) Vivian, Capital 257,500 (30%) 567,500

Loan and capital accounts of the firm of Viola, Virginia and Vivian just prior to liquidation show: Viola, Loan P 50,000 Viola, Capital (40%) 275,000 Virginia, Capital (30%) Vivian, Capital 257,500 (30%) 567,500

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 30BEB: Klynveld Companys balance sheet shows total liabilities of 94,000,000, total stockholders equity of...

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