The accounts of the partnership of A, B and C at the end of its fiscal year onOctober 31, 2018 are as follows:P 78,750LiabilitiesLoan from CCashP262,500Other Non-Cash Assets682,50026,25052,500Loan to BA, Capital (30%)B, Capital (50%)C, Capital (20%)236,250157,50078,750If P90,000 is available for distribution to partnersafter all non-partner liabilities are paid, how muchshould A receive?_8.D.

The participants have the authority to determine how long the partnership will continue. Thus, if a…

Answered: The accounts of the partnership of A, B…

Business

Accounting

The accounts of the partnership of A, B and C at the end of its fiscal year on October 31, 2018 are as follows: D.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The accounts of the partnership of A, B and C at the end of its fiscal year 011 October 31, 2021 are as follows: Cash 78,750 Other Non-Cash Assets 682,500 Liabilities P262,500 Loan to B 26,250 Loan from C 52,500 A, Capital (30%) 236,250 B, Capital (50%) 157,500 C, capital (20%) 78,750 8. If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive? 9. If in the first distribution, B received 6,250, how much should C have received at this point? 10. If in the first distribution, A received 172,500, how much should B have received? 11. If in the first distribution, C received 37,500, how much is the total cash distributed? 12. If in the first distribution, A…
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The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follçavs: ASSETS LIABILITIES AND CAPITAL 30,000 Liabilities 40,000 Loan from S 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 100,000 20,000 90,000 60,000 Cash Receivable, net Merchandise Inventory Non-current Asset Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?
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