Cash Accounts receivable Inventory Equipment Total Accounts payable Payable to B 80,000 240,000 480,000 1,200,000 2,000,000 120,000 80,000 400,000 600,000 A, Capital (20%) B, Capital (30%) C, Capital (50%) Total On January 1, 20x1, the partners of United Ent. decided to liquidate their partnership. nformation on the conversion of non-cash assets is as follows: 40,000 was collected on accounts receivable; the balance is uncollectible. P20,000 was received for the entire inventory.The quipment was sold for P200,000.P8,000 liquidation expenses were paid. P108,000 was paid to outside creditors, after offset of P12,000 credit,memorandum received on January 2, 20x1.All of the partners are personally solvent. How much did B receive rom the settlement of his interest in the partnership? 800,000 2,000,000
Cash Accounts receivable Inventory Equipment Total Accounts payable Payable to B 80,000 240,000 480,000 1,200,000 2,000,000 120,000 80,000 400,000 600,000 A, Capital (20%) B, Capital (30%) C, Capital (50%) Total On January 1, 20x1, the partners of United Ent. decided to liquidate their partnership. nformation on the conversion of non-cash assets is as follows: 40,000 was collected on accounts receivable; the balance is uncollectible. P20,000 was received for the entire inventory.The quipment was sold for P200,000.P8,000 liquidation expenses were paid. P108,000 was paid to outside creditors, after offset of P12,000 credit,memorandum received on January 2, 20x1.All of the partners are personally solvent. How much did B receive rom the settlement of his interest in the partnership? 800,000 2,000,000
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter7: Receivables And Investments
Section: Chapter Questions
Problem 7.11E
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