The condensed financial position of Abdon, Berto and Cardo as of March 31, 20x1 showed the following: Cash P 28,000 Other assets 265,000 Liabilities 48,000 Abdon, Capital 95,000 Berto, Capital 80,000 Cardo, Capital 70,000 The income and loss ratio is 2:1:1 respectively. The partners decided to dissolve their partnership and liquidate by selling other assets in installment. All the partners are personally solvent. The first cash sale of assets with book value of P 150,000 was for P 70,000. After settlement with creditors, P35, 000 cash was distributed to the partners. How much cash was received by Cardo? P 12,500 P 21,250 P 20,000 P 17,500

The condensed financial position of Abdon, Berto and Cardo as of March 31, 20x1 showed the following: Cash P 28,000 Other assets 265,000 Liabilities 48,000 Abdon, Capital 95,000 Berto, Capital 80,000 Cardo, Capital 70,000 The income and loss ratio is 2:1:1 respectively. The partners decided to dissolve their partnership and liquidate by selling other assets in installment. All the partners are personally solvent. The first cash sale of assets with book value of P 150,000 was for P 70,000. After settlement with creditors, P35, 000 cash was distributed to the partners. How much cash was received by Cardo? P 12,500 P 21,250 P 20,000 P 17,500

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 65P

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