- 5 How Much Is The Cash Balance Available For Distribution To Partners 2 Points The Partnership Of E M And P Has Been 1 (223.67 KiB) Viewed 32 times
- 5 How Much Is The Cash Balance Available For Distribution To Partners 2 Points The Partnership Of E M And P Has Been 2 (190.72 KiB) Viewed 32 times
5 How much is the cash balance available for distribution to partners? (2 Points) The partnership of E, M and P has been suffering financial difficulty. Partners decided to liquidate. The condensed statement of financial position of E, Mand P on this date is as follows: E, M and P Partnership Statement of financial position December 31,2019 Assets Liabilities & Capital Cash P 20,000 Accounts payable P 40,000 Other assets 340,000 E, Capital 152,000 M. Capital 88,000 P. Capital 80,000 Total assets P 360,000 P 360,000 Total Liabilities & Capital The profit and loss ratio are: E, 20%; M, 30% and P, 50%. The non-cash assets were sold for p 100,000. Any deficient partner is insolvent, while others are solvent. Enter your answer
How much did partner Creceive in the settlement of his total interest in the partnership? 12 Points) F. On December 31, 2019, ACT Partnership decided to liquidate its business. On this date, A,C and I have capital balances of 300,000, P 250,000, P 120,000 and share prohts and losses in the ratio of 5-2-3. Below it shows the personal sets and personal liabilities of each partners. A-personal assets =P 100,000 : personal liabilities mp 50.000 C-personal assets = P 50,000; personal liabilities - P 50.000 T-personal assets = P 50,000 personal liabilities = P 75.000 Betone liquidation, the partnership has total liabilities of P 330,000 which indudes a payable of P 30,000 to Tand the mon cash assets has a book value of P 750,000. The amount of proceeds received from the liquidation of assets is P 200,000 which is already met of liquidation expenses of P 30,000 Enter your answer