On June 11, 2013. Moly. Nora, and Olga form a partnership investing cash of P15,000, P13,500, and P4 200 respectively. The partners share profits 3:2:2 and on August 30, 2013, they have cash of P1,000, and other assets of P47,500; liabilities are P25,600. On this date they decide to go out of business and sell all the assets for P30,000. Olga has personal assets of P1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to Nora upon liquidation of the partnership?
On June 11, 2013. Moly. Nora, and Olga form a partnership investing cash of P15,000, P13,500, and P4 200 respectively. The partners share profits 3:2:2 and on August 30, 2013, they have cash of P1,000, and other assets of P47,500; liabilities are P25,600. On this date they decide to go out of business and sell all the assets for P30,000. Olga has personal assets of P1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to Nora upon liquidation of the partnership?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 14MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...
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On June 11, 2013. Moly. Nora, and Olga form a partnership investing cash of P15,000, P13,500, and P4 200 respectively. The partners share profits 3:2:2 and on August 30, 2013, they have cash of P1,000, and other assets of P47,500; liabilities are P25,600. On this date they decide to go out of business and sell all the assets for P30,000. Olga has personal assets of P1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to Nora upon liquidation of the partnership?
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