The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented below: CASH OTHER ASSETS LIABILITIES X, LOAN X, CAPITAL Y, CAPITAL Ζ.CAΡΙTAL TOTAL P20,000 280,000 50,000 25,000 125,000 70,000 30,000 300,000 TOTAL 300,000 Profits and loss ratio is 3:2:1 for X, Y and Z, respectively. Other assets were realized as follows: DATE JAN. 2019 FEB. 2019 |CASH RECEIVED 60,000 35,000 125,000 BOOK VALUE |90,000 77,000 113,000 MAR. 2019 Cash is distributed as assets are realized, how much is the total cash received by partner Y?

The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented below: CASH OTHER ASSETS LIABILITIES X, LOAN X, CAPITAL Y, CAPITAL Ζ.CAΡΙTAL TOTAL P20,000 280,000 50,000 25,000 125,000 70,000 30,000 300,000 TOTAL 300,000 Profits and loss ratio is 3:2:1 for X, Y and Z, respectively. Other assets were realized as follows: DATE JAN. 2019 FEB. 2019 |CASH RECEIVED 60,000 35,000 125,000 BOOK VALUE |90,000 77,000 113,000 MAR. 2019 Cash is distributed as assets are realized, how much is the total cash received by partner Y?

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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