y Jay and RJ are partners sharing profits and losses e ated and after all assets are converted to cash and al D0 cash available for distribution to the partners. CJ a 00 and R: 20.000 u DI
y Jay and RJ are partners sharing profits and losses e ated and after all assets are converted to cash and al D0 cash available for distribution to the partners. CJ a 00 and R: 20.000 u DI
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 14E
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Transcribed Image Text:DATION - MIDT (BSA I - AMORSECO/CFAS/MW 11:00-2:00pm)
c. balances of partners' capital accounts
O d. ratio of the capital contributions by partners
9. CJ, Rey Jay and RJ are partners sharing profits and losses equally. The partnership is being
liquidated and after all assets are converted to cash and all liabilities paid, there remained
P52,000 cash available for distribution to the partners. CJ and Rey Jay have capital balances of
P40,000 and P30,000, respectively. RJ has a debit balance of P18,000 in her capital account. If RJ
is personally insolvent how much cash will be distributed to CJ? *
(2 Points)
O a. P26,000
O b. P31,000
O c. P40,000
d. P34,000
10. FVR Partnership shows the following information before liquidation: Cash - P30,000; Accounts
Receivable - P50,000; Loans Receivable from F- P20,000; Merchandise Inventory - P100,000;
CAIC
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