The statement of financial position partnership as of December 31, 2020 is presented belOW: CASH P20,000 LIABILITIES 50,000 25,000 125,000 70,000 30,000 300,000 OTHER ASSETS 280,000 A, LOAN A, CAPITAL B, CAPITAL C, CAPITAL |ТOTAL 300,000 TOTAL Profits and loss ratio is 3:2:1 for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 60,000 90,000 77,000 113,000 FEB. 2020 35,000 MAR. 2020 125,000 Liquidation expenses paid are as follows: January - P500 February - P700 Cash is distributed as assets are realized, how much is the total cash received by partner A?
The statement of financial position partnership as of December 31, 2020 is presented belOW: CASH P20,000 LIABILITIES 50,000 25,000 125,000 70,000 30,000 300,000 OTHER ASSETS 280,000 A, LOAN A, CAPITAL B, CAPITAL C, CAPITAL |ТOTAL 300,000 TOTAL Profits and loss ratio is 3:2:1 for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 60,000 90,000 77,000 113,000 FEB. 2020 35,000 MAR. 2020 125,000 Liquidation expenses paid are as follows: January - P500 February - P700 Cash is distributed as assets are realized, how much is the total cash received by partner A?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2EA: The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after...
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Transcribed Image Text:The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below:
P20,000
280,000
LIABILITIES
A, LOAN
50,000
25,000
125,000
CASH
OTHER ASSETS
A, CAPITAL
70,000
30,000
300,000
B, CAPITAL
C, CAPITAL
TOTAL
300,000
|ТОTAL
Profits and loss ratio is 3:2:1 for A, B and C, respectively. Other assets were realized as follows:
DATE
CASH RECEIVED
BOOK VALUE
JAN. 2020
60,000
35,000
90,000
FEB. 2020
77,000
MAR. 2020
125,000
113,000
Liquidation expenses paid are as follows:
January - P500
February - P700
Cash is distributed as assets are realized, how much is the total cash received by partner A?
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