Pedro, Quito, Romeo and Sixto are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. The balances of their capital accounts on December 31, 2015 are: Pedro, P10,000; Quito, P250,000; Romeo, P250,000; Sixto, P90,000. The partners decide to liquidate, and they accordingly convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash Romeo should rece
Pedro, Quito, Romeo and Sixto are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. The balances of their capital accounts on December 31, 2015 are: Pedro, P10,000; Quito, P250,000; Romeo, P250,000; Sixto, P90,000. The partners decide to liquidate, and they accordingly convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash Romeo should rece
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 53P
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Pedro, Quito, Romeo and Sixto are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. The balances of their capital accounts on December 31, 2015 are: Pedro, P10,000; Quito, P250,000; Romeo, P250,000; Sixto, P90,000. The partners decide to liquidate, and they accordingly convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash Romeo should receive?
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