On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows: Cash- 50,000 Other assets- 250,000 Liabilities- 60,000 Geri, Capital- 80,000 Elma, Capital- 90,000 Philip, Capital- 70,000 The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000. What is the amount of the expected liquidation expenses?

On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows: Cash- 50,000 Other assets- 250,000 Liabilities- 60,000 Geri, Capital- 80,000 Elma, Capital- 90,000 Philip, Capital- 70,000 The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000. What is the amount of the expected liquidation expenses?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...

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