Show the solution in good accounting form Problem 5Jo, Lee and Bee are partners who share profits and losses in the ratio ofFinancialLee and Bee respectively.Position of the partnership on December 31, 2017 is as follows:35:25:40to Jo,ThestatementofASSETSLIABILITIES AND CAPITALCashP8,000 Liabilities110,000P18,0002,000Noncash assetsLoan from LeeJo, CapitalLee, CapitalВее, Сapital32,70023,50041,800On January 1, 2018,the partners decided to liquidate.For the month ofassets were sold for a loss of P2,000.Liabilities of P15,000January, somewere paid. Payment toassets were P150, P2,250 and P4,600 respectively.liquidation expenses and unrecognized liabilities amounted to P1,250.PartnersJo, Leeand Bee from theinitial sale ofCash withheld for possibleWhat was the book/carrying value of the noncash assets sold in January?A. 28,25026,250C.20,250в.D. 18,250

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Description: Show the solution in good accounting form Problem 5Jo, Lee and Bee are partners who share profits and losses in the ratio ofFinancialLee and Bee respectively.Position of the partnership on December 31, 2017 is as follows:35:25:40to Jo,ThestatementofA

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Problem 5 Jo, Lee and Bee are partners who share profits and losses in the ratio of 35:25:40 to Jo, Lee and Bee respectively. Position of the partnership on December 31, 2017 is as follows: The statement of Financial ASSETS LIABILITIES AND CAPITAL Cash P8,000 Liabilities P18,000 2,000 32,700 23,500 41,800 Noncash assets 110,000 Loan from Lee Jo, Capital Lee, Capital Bee, Capital For the month of On January 1, 2018, the partners decided to liquidate. January, some assets were sold for a loss of P2,000. Liabilities of P15,000 were paid. Payment to Partners Jo, Lee and Bee from the initial sale of assets were P150, P2,250 and P4,600 respectively. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P1,250.

Problem 5 Jo, Lee and Bee are partners who share profits and losses in the ratio of 35:25:40 to Jo, Lee and Bee respectively. Position of the partnership on December 31, 2017 is as follows: The statement of Financial ASSETS LIABILITIES AND CAPITAL Cash P8,000 Liabilities P18,000 2,000 32,700 23,500 41,800 Noncash assets 110,000 Loan from Lee Jo, Capital Lee, Capital Bee, Capital For the month of On January 1, 2018, the partners decided to liquidate. January, some assets were sold for a loss of P2,000. Liabilities of P15,000 were paid. Payment to Partners Jo, Lee and Bee from the initial sale of assets were P150, P2,250 and P4,600 respectively. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P1,250.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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Question 1: Jo, Lee and Bee are partners who share profits and losses in the ratio of 35:25:40 to Jo, Lee and Bee respectively. The statement of Financial Position of the partnership on December 31, 2017 is as follows:ASSETSCash P8,000Noncash assets 110,000LIABILITIES AND CAPITALLiabilities P18,000Loan from Lee 2,000Jo, Capital 32,700Lee, Capital 23,500Bee, Capital 41,800On January 1, 2018, the partners decided to liquidate. For the month of January, some assets were sold for a loss of P2,000. Liabilities of P15,000 were paid. Payment to Partners Jo, Lee and Bee from the initial sale of assets were P150, P2,250 and P4,600 respectively. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P1,250.What was the book/carrying value of the noncash assets sold in January?A. 28,250B. 26,250C. 20,250D. 18,250
Question 1: Jo, Lee and Bee are partners who share profits and losses in the ratio of 35:25:40 to Jo, Lee and Bee respectively. The statement of Financial Position of the partnership on December 31, 2017 is as follows: ASSETS Cash P8,000 Noncash assets 110,000 LIABILITIES AND CAPITAL Liabilities P18,000 Loan from Lee 2,000 Jo, Capital 32,700 Lee, Capital 23,500 Bee, Capital 41,800 On January 1, 2018, the partners decided to liquidate. For the month of January, some assets were sold for a loss of P2,000. Liabilities of P15,000 were paid. Payment to Partners Jo, Lee and Bee from the initial sale of assets were P150, P2,250 and P4,600 respectively. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P1,250. What was the book/carrying value of the noncash assets sold in January? A. 28,250 B. 26,250 C. 20,250 D. 18,250
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