The following balance sheet accounts were taken from the partnership of MDL Co. on March 31, 2019: Cash-P500,000; Other Assets- P3,600,000; Liabilities-P1,040,000; Maria, Capital (40%)-P800,000; Demi, Capital (40%)-P1,300,000 and Liza, Capital (20%)-P960,000. The partnership was liquidated by installment. The proceeds from the first sale of non-cash assets with a book value of P1,800,000 amounted to P1,000,000. In the first month, P640,000 of the liabilities and P50,000 of unrecorded liabilities were paid. The partners also set aside P100,000 for future expenses. How much was received by partner Liza in the first distribution of cash? A.P0 B.P310,000 C.P200,000 D.P410,000
The following balance sheet accounts were taken from the
How much was received by partner Liza in the first distribution of cash?
A.P0
B.P310,000
C.P200,000 D.P410,000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
