The statement of financial position of L, M, and N just before liquidation shows the following: Cash. P 20,000 Non-cash
Posted: Mon May 30, 2022 8:11 am
The statement of financial position of L, M, and N just before
liquidation shows the following: Cash. P 20,000 Non-cash Assets
240,000 Accounts Payable 40,000 N. Loan 40,000 L, Capital 62,000 M.
Capital 88,000 N, Capital 30,000 L, M, and N share profits and
losses in the ratio of 3:2:5, respectively. Non-cash assets were
sold for P160,000. How much cash is available for distribution to
partners in settlement of their capital interest?
liquidation shows the following: Cash. P 20,000 Non-cash Assets
240,000 Accounts Payable 40,000 N. Loan 40,000 L, Capital 62,000 M.
Capital 88,000 N, Capital 30,000 L, M, and N share profits and
losses in the ratio of 3:2:5, respectively. Non-cash assets were
sold for P160,000. How much cash is available for distribution to
partners in settlement of their capital interest?