The statement of financial position of A,B,C partnership as of December 31, 2020 is presented below: CASH P20,000 LIABILITIES 50,000 OTHER ASSETS 280,000 A, LOAN 25,000 A, CAPITAL 125,000 B, CAPITAL 70,000 C, CAPITAL 30,000 TOTAL 300,00 TOTAL 300,000 Profit 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 FEB 2020 35,000 77,000 MAR 20220 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?
The statement of financial position of A,B,C partnership as of December 31, 2020 is presented below: CASH P20,000 LIABILITIES 50,000 OTHER ASSETS 280,000 A, LOAN 25,000 A, CAPITAL 125,000 B, CAPITAL 70,000 C, CAPITAL 30,000 TOTAL 300,00 TOTAL 300,000 Profit 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 FEB 2020 35,000 77,000 MAR 20220 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The statement of financial position of A,B,C
| CASH | P20,000 | LIABILITIES | 50,000 |
| OTHER ASSETS | 280,000 | A, LOAN | 25,000 |
| A, CAPITAL | 125,000 | ||
| B, CAPITAL | 70,000 | ||
| C, CAPITAL | 30,000 | ||
| TOTAL | 300,00 | TOTAL | 300,000 |
| DATE | CASH RECEIVED | BOOK VALUE |
| JAN 2020 | 60,000 | 90,000 |
| FEB 2020 | 35,000 | 77,000 |
| MAR 20220 | 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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