The accounts of the partnership of Ace, Vergel, and De Dios at the end of its fiscal year on June 30, 2021 are as follows: Cash 75,000 Liabilities 225,000 Non-cash assets 625,000 Loan Payable to De Dios 25,000 Receivable from Vergel 25, 000 Ace, Capital (30%) 250,000 Vergel, Capital (50%) 150,000 De Dios, Capital (20%) 75,000 Total 725,000 Total 725,000 The partners decided to liquidate the business and the liquidation took place in several months. During the first month, non-cash assets with book value of 425,000 were sold for 375,000. The partners withheld 75,000 for contingencies Payment of liabilities during the first month amounted only to 175,000 16. How much should have Ace received in the first month of the partnership liquidation? A. partners RJ, RS and RX share profits and losses in the ratio of 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The pattner's capital account balances at this time are as follows: RJ 66,000 RS 74,700 RX 45,000 The liabilities accumulate to 90,000, including a loan of 30,000 from RJ. The cash balance is 18,000. All the partners are personally solvent. The partners plan to sell the assets in installment. If RS received 10,800 from the first distribution of cash, how much did RX receive at that time? A. 6,000 B. 2,400 C. 3,600 D. 6,600
The accounts of the
Cash 75,000 Liabilities 225,000
Non-cash assets 625,000 Loan Payable to De Dios 25,000
Receivable from Vergel 25, 000 Ace, Capital (30%) 250,000
Vergel, Capital (50%) 150,000
De Dios, Capital (20%) 75,000
Total 725,000 Total 725,000
The partners decided to liquidate the business and the liquidation took place in several months.
During the first month, non-cash assets with book value of 425,000 were sold for 375,000. The partners withheld 75,000 for contingencies Payment of liabilities during the first month amounted only to 175,000
16. How much should have Ace received in the first month of the partnership liquidation?
A. partners RJ, RS and RX share
RJ 66,000
RS 74,700
RX 45,000
The liabilities accumulate to 90,000, including a loan of 30,000 from RJ. The cash balance is 18,000. All the partners are personally solvent. The partners plan to sell the assets in installment.
- If RS received 10,800 from the first distribution of cash, how much did RX receive at that time?
A. 6,000
B. 2,400
C. 3,600
D. 6,600
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