Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. partners a, b, c, and d have been operating abcd p

Partners A, B, C, and D have been operating ABCD Partnership for ten years. Due...

90.2K

Verified Solution

Question

Accounting

Partners A, B, C, and D have been operating ABCD Partnership for ten years. Due to a significant reduction in the demand for their product over recent years, the partners have agreed to liquidate the partnership. At the time of liquidation, balance sheet accounts consisted of cash, P103,500; noncash assets, P300,000; liabilities to outsiders, P60,000; capital credit balances for partners A, B, and C, P90,000, P150,000, and P120,000, respectively; and a debit capital balance for partner D of P16,500. Partners share equally in income and loss. It is estimated that the administrative cost of liquidation will total P4,500. While preparing for liquidation, an unrecorded liability of P7,500 was discovered.

Requirements:

1. Assuming the available cash of P103,500 was distributed, how much must be the share of partner B?

2. For how much must the noncash assets be sold for partner D to receive at least P5,000?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

50 Four particles each of mass M move along a circle of radius R under...

Geometry
1.2K views

0 t A 0 0 2 3 1 00 0 Compute e by summing the...

Basic Math
1.2K views

What interest will be earned if 6200 is invested for 2 years at 13 compounded...

Basic Math
1.2K views

Consider the two functions y x 3 and y2 b on the interval a a...

Basic Math
1.2K views

The formula for the braking distance of a car is:d =V/2g(f+ G)where:d is the braking...

Algebra
1.2K views

O IME 15 4k 705 684 694 676 None of these are correct 8 Find...

Accounting
1.2K views

QUESTION 1 The storekeeper of a tyre manufacturing company has to plan the firm's inventory...

Accounting
1.2K views

2 parts Exercise 14-3 Preparing a schedule of...

Accounting
1.2K views

compute cash proceeds from issuance of bonds

Accounting
1.2K views

How do you calculate budgeted fixed overhead per month if a company is operating at...

Accounting
1.2K views

Igorithmic 20pts Saved Help Save Vortex Company operates a retail store with two departments. Information...

Finance
1.2K views

Red, Incorporated, Yellow Corporation, and Blue Company each will pay a dividend of $1.50 next...