Homework Help is Here – Start Your Trial Now!
Business
Accounting
Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows: Magalang – P2,000; Matulungin –P50,000; Masipag – P50,000; Matapat – P18,000      The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash.  After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent. How much is the total assets of the partnership?Required to answer. Single choice. a. P126,000 b. P39,600 c. P86,400 d. P16,000

Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows: Magalang – P2,000; Matulungin –P50,000; Masipag – P50,000; Matapat – P18,000      The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash.  After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent. How much is the total assets of the partnership?Required to answer. Single choice. a. P126,000 b. P39,600 c. P86,400 d. P16,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows:
Magalang – P2,000; Matulungin –P50,000; Masipag – P50,000; Matapat – P18,000
     The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash.  After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent.
How much is the total assets of the partnership?Required to answer. Single choice.

a. P126,000
b. P39,600
c. P86,400
d. P16,000
 
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS