The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows onDecember 31, 2010:P 10,0004,000Kelly, drawing (Dr.)Kyla, drawing (Cr.)Receivable fr. Kelly (Dr.)Loise, loanKelly, capital6,000 Loise, capitalKyla, capitalP 12,00049,50037,00032,500Total assets amount to P176,000, including P53,500 cash. The partnership is liquidated andKyla ultimately receives P27,500 as his share of cash in final distribution. How much did Kellyand Loise receive?P10,500; P34,500P11,000; P35,500P11,000; P35,000P12,000; P35,500

Given Profit-sharing Ratio 5 : 3 : 2 Kyla Received 27500 on her final settlement.

Answered: The accounts of Kelly, Loise, and Kyla,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following debit (credit) balances on the account of SAM Partnership are as follows: Sucrose, Capital (P1,000,000) Albedo, Capital ( 1,200,000) Mona, Capital ( 800,000) Sucrose, Loan 100,000 Albedo, Loan 300,000 Mona, Loan ( 100,000) Sucrose, Albedo and Mona currently allocate their profits and losses based on the ratio of 3:4:3, respectively. With the consent of the remaining partners, Albedo decided to retire from the partnership by selling 75% of his capital to…
The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows on December 31, 2010: P 10,000 P 12,000 Kelly, drawing (Dr.) Kyla, drawing (Cr.) Receivable fr. Kelly (Dr.) Loise, loan Kelly, capital Loise, capital Kyla, capital 4,000 6,000 49,500 37,000 32,500 Total assets amount to P176,000, including P53,500 cash. The partnership is liquidated and Kyla ultimately receives P27,500 as his share of cash in final distribution. How much did Kelly and Loise receive?
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