The partnership of H, M and R is liquidating and the ledger shows the following: Dr. Cash- P80,000 Dr. Inventories- P100,000 Cr. Accounts payable- P60,000 Cr. H, Capital (50%)- P45,000 Cr. M, Capital (25%)- P40,000 Cr. R, Capital (25%)- P35,000 If all cash available is distributed immediately: Choices: • M should get P12,500, and R should get P7,500 • each partner should get P26,667 each • each partner should get P6,667 each • M should get P15,000 and R should get P5,000
The partnership of H, M and R is liquidating and the ledger shows the following: Dr. Cash- P80,000 Dr. Inventories- P100,000 Cr. Accounts payable- P60,000 Cr. H, Capital (50%)- P45,000 Cr. M, Capital (25%)- P40,000 Cr. R, Capital (25%)- P35,000 If all cash available is distributed immediately: Choices: • M should get P12,500, and R should get P7,500 • each partner should get P26,667 each • each partner should get P6,667 each • M should get P15,000 and R should get P5,000
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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The partnership of H, M and R is liquidating and the ledger shows the following:
Dr. Cash- P80,000
Dr. Inventories- P100,000
Cr. Accounts payable- P60,000
Cr. H, Capital (50%)- P45,000
Cr. M, Capital (25%)- P40,000
Cr. R, Capital (25%)- P35,000
If all cash available is distributed immediately:
Dr. Cash- P80,000
Dr. Inventories- P100,000
Cr. Accounts payable- P60,000
Cr. H, Capital (50%)- P45,000
Cr. M, Capital (25%)- P40,000
Cr. R, Capital (25%)- P35,000
If all cash available is distributed immediately:
Choices:
• M should get P12,500, and R should get P7,500
• each partner should get P26,667 each
• each partner should get P6,667 each
• M should get P15,000 and R should get P5,000
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