Reference no: EM132797417
The following data was prepared for ABC Partnership regarding their liquidation on June 1,2020
Assets Liabilities and Equity
Cash P25,000 Accounts Payable 52,000
Inventory 100,000 A, Capital (40%) 40,000
Equipment 80,000 B, Capital (40%) 65,000
C, Capital (20%) 48,000
Total Assets P205,000 Total Liabilities and Equity P205,000
Inventory with a book value of 90,000 was sold for 50,000.Cash amounting to 3,000 was withheld for future liquidation expenses.
Problem 1, The amount of cash that C should receive in the first realization of assets is?
a.15,000
b.17,000
c.3,000
d.5,000
Problem 2, The amount received by B is?
a.15,000
b.17,000
c.3,000
d.5,000
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