Partners RJ, RS and RX share profit and losses in the ratio 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: RJ P66,000 RS 74,700 RX 45,000 The liabilities accumulate to P90,000, including a loan of P30,000 from RJ. Th cash balance is P18,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If RS received P10,8000 from the first distribution of cash, how much did RX receive at that time?
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Partners RJ, RS and RX share
RJ P66,000
RS 74,700
RX 45,000
The liabilities accumulate to P90,000, including a loan of P30,000 from RJ. Th cash balance is P18,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If RS received P10,8000 from the first distribution of cash, how much did RX receive at that time?
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