Partnership LiquidationKindly provide the solution. The statement of financial position of X, Y, Z partnership as of December31, 2019 is presented below:P20,000|280,000|LIABILITIES|X, LOANX, CAPITAL|Y, CAPITAL|Z, CAPITALTOTALCASHOTHER ASSETS|50,00025,000125,00070,00030,000300,000TOTAL300,000Profits and loss ratio is 3:2:1 for X, Y and Z, respectively. Other assetswere realized as follows:DATEJAN. 2019FEB. 2019MAR. 2019|CASH RECEIVED|60,00035,000|125,000BOOK VALUE|90,000|77,000|113,000Cash is distributed as assets are realized, how much is the total cashreceived by partner Y?

Total cash received=Jan 2019+Feb 2019+Mar 2019=P 60,000+P 35,000+P 125,000=P 220,000

The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented below: CASH OTHER ASSETS 280,000 LIABILITIES X, LOAN X, CAPITAL Y, CAPITAL Z, CAPITAL TOTAL |50,000 25,000 125,000 70,000 30,000 300,000 P20,000 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 MAR. 2019 |CASH RECEIVED |60,000 35,000 |125,000 BOOK VALUE |90,000 |77,000 113,000 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 280,000 LIABILITIES X, LOAN X, CAPITAL Y, CAPITAL Z, CAPITAL TOTAL |50,000 25,000 125,000 70,000 30,000 300,000 P20,000 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 MAR. 2019 |CASH RECEIVED |60,000 35,000 |125,000 BOOK VALUE |90,000 |77,000 113,000 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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