The A, B and C partnership has total assets of P260,000. Capital balances for partners A, B, and P50,000, respectively. The profit/loss percentages for partners A, B, and C are 30%, 40%, and 3 the liabilities is a P9,000 loan payable to A. The partnership has elected to liquidate over the next several months. Liquidation expenses are Assuming assets with a book value of P80,000 were sold for P60,000 and that P160,000 cash available cash be distributed?
The A, B and C partnership has total assets of P260,000. Capital balances for partners A, B, and P50,000, respectively. The profit/loss percentages for partners A, B, and C are 30%, 40%, and 3 the liabilities is a P9,000 loan payable to A. The partnership has elected to liquidate over the next several months. Liquidation expenses are Assuming assets with a book value of P80,000 were sold for P60,000 and that P160,000 cash available cash be distributed?
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Transcribed Image Text:The A, B and C partnership has total assets of P260,000. Capital balances for partners A, B, and C are P59,000, P30,000 and
P50,000, respectively. The profit/loss percentages for partners A, B, and C are 30%, 40%, and 30%, respectively. Included in
the liabilities is a P9,000 loan payable to A.
The partnership has elected to liquidate over the next several months. Liquidation expenses are estimated to be P15,000,.
Assuming assets with a book value of P80,000 were sold for P60,000 and that P160,000 cash is available, how should the
available cash be distributed?
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