please answer within an hour or very fast, will upvote and give nice comment. Please...

60.1K

Verified Solution

Question

Accounting

imageplease answer within an hour or very fast, will upvote and give nice comment. Please help thank you!

A, B, and C are partners sharing profits and losses in the ratio of 4:33, respectively. The condensed balance sheet of ABC Partnership as of December 31, 2020 is: Cash P50,000 Liabilities P40,000 Other Assets 130,000 IN, Capital 60,000 X, Capital 40,000 Y, Capital 40,000 Total 180,000 Total 180,000 The ABC Partnership is dissolved and liquidated by installments. The first realization of P40,000 cash is on the sale of other assets with book value of P80,000. After payment of liabilities, the cash available is distributed to A, B, and C, respectively Determine the following: The cash available for distribution. The cash balance after the first realization but prior to payment of liabilities. The cash received by Partner B on the distribution of cash. The cash received by Partner A on the distribution of cash. The cash received by Partner C on the distribution of cash

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