19. On January 1, 2019, partners Allan, Ben and Chris, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date, the partnership's condensed balance sheet was as follows: P 50,000 250,000 P300,000 Cash Other assets Total Assets Liabilities Allan, Capital Ben, Capital Chris, Capital Total Liabilities and Capital P300,000 P 60,000 80,000 70,000 90,000 On June 15, 2009, the first cash sale of other assets with a carrying amount of P150,000 resulted into P30,000 loss on realization. Safe installment payments to the partners were made the same date. How much cash should be distributed to Allan? A. P15,000 В. Р40,000 с. C. P55,000 D. P60,000

19. On January 1, 2019, partners Allan, Ben and Chris, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date, the partnership's condensed balance sheet was as follows: P 50,000 250,000 P300,000 Cash Other assets Total Assets Liabilities Allan, Capital Ben, Capital Chris, Capital Total Liabilities and Capital P300,000 P 60,000 80,000 70,000 90,000 On June 15, 2009, the first cash sale of other assets with a carrying amount of P150,000 resulted into P30,000 loss on realization. Safe installment payments to the partners were made the same date. How much cash should be distributed to Allan? A. P15,000 В. Р40,000 с. C. P55,000 D. P60,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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