The partnership of C, A, and G named BREAKEVEN decided to liquidate their partnership on May 31, 2021. Before liquidating and sharing of na income, their capital balances are as follows: C (30%) P250,000, A (30% P180,000, and G (40%) P220,000. Net income from January 1 to May 31 is P120,000. Liabilities of the partnership amounted to P210,000 and its total assets include cash amounting to P70,000. A. Unsettled liabilities are P110,000. C invested additional cash enough to settle their partnership's indebtedness. A is personally solvent, G personally insolvent, and C becomes insolvent after investing the cash needed by the partnership. 30,ov0 1. How much were the proceeds from the sale of the partnership's non-cash assets? 90,000 2. How much cash will A invest in the partnership? 90,0w 3. How much will C receive as a result of their liquidation?
The partnership of C, A, and G named BREAKEVEN decided to liquidate their partnership on May 31, 2021. Before liquidating and sharing of na income, their capital balances are as follows: C (30%) P250,000, A (30% P180,000, and G (40%) P220,000. Net income from January 1 to May 31 is P120,000. Liabilities of the partnership amounted to P210,000 and its total assets include cash amounting to P70,000. A. Unsettled liabilities are P110,000. C invested additional cash enough to settle their partnership's indebtedness. A is personally solvent, G personally insolvent, and C becomes insolvent after investing the cash needed by the partnership. 30,ov0 1. How much were the proceeds from the sale of the partnership's non-cash assets? 90,000 2. How much cash will A invest in the partnership? 90,0w 3. How much will C receive as a result of their liquidation?
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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Question
Transcribed Image Text:The partnership of C, A, and G named BREAKEVEN decided to liquidate
their partnership on May 31, 2021. Before liquidating and sharing of net
Supply the answer. On the space provided for each number, write the
Chapter 4
Partnership Liquidation
PRACTICE EXERCISES
Supply the answer. On the space provided for each number writ
C.
correct answer.
The partnership of C, A, and G named BREAKEVEN decided to liguia
their partnership on May 31, 2021. Before liquidating and sharing of ne
income, their capital balances are as follows: C (30%) P250,000, A (30%
P180,000, and G (40%) P220,000. Net income from January 1 to May 31 is
P120,000. Liabilities of the partnership amounted to P210,000 and its total
assets include cash amounting to P70,000.
Callo
Unsettled liabilities are P110,000. C invested additional cash enough to
settle their partnership's indebtedness. A is personally solvent, G is
personally insolvent, and C becomes insolvent after investing the cash
needed by the partnership.
D.
30,00
1. How much were the proceeds from the sale of the
partnership's non-cash assets?
90,000
90,ow
2. How much cash will A invest in the partnership?
3. How much will C receive as a result of their
liquidation?
A.
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