D. The accounts of the partnership of E, R and M at the end of its fiscal year on September 30, 2023 areas follows:P 360,000Loan from MP 240,0001,080,0003,120,000E,capital (30%)120,000R, capital (50%)720,000Liabilities1,200,000M, capital (20%)360,000Partner M received P216,000 on the first distribution of cash and liquidation expenses of P48,000 wereexpected to be incurred up to December 31, 2023.5. What was the cash realised from the initial sale of assets?CashOther assetsLoan to R

It has been given that Partner M has received only P216,000 on the first distribution of cash so in…

Answered: What was the cash realised from the…

Business

Accounting

What was the cash realised from the initial sale of assets?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 1BCRQ

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Question

D. The accounts of the partnership of E, R and M at the end of its fiscal year on September 30, 2023 are
as follows:
P 360,000
Loan from M
P 240,000
1,080,000
3,120,000
E,
capital (30%)
120,000
R, capital (50%)
720,000
Liabilities
1,200,000
M, capital (20%)
360,000
Partner M received P216,000 on the first distribution of cash and liquidation expenses of P48,000 were
expected to be incurred up to December 31, 2023.
5. What was the cash realised from the initial sale of assets?
Cash
Other assets
Loan to R

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