The statement of financial position of L, M, N just before liquidation shows the following: 10,000...
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The statement of financial position of L, M, N just before liquidation shows the following: 10,000 10,000 L. Capital 15,500 M. Capital 22,000 N, Capital 7,500 L, M,and N share profits and losses in the ratio of 3:2:5, respectively. The non-cash assets were sold for P 40,000. Cash Non-cash assets P 5,000 60,000 Accounts payable Niloan Required: a. Prepare the statement of partnership liquidation b. Prepare entries to record the liquidation of the partnership c. How much cash is available for distribution to partners in settlement of their capital balances? d. How much cash is received by N in full settlement of his total interest in the partnership, including loan? The statement of financial position of L, M, N just before liquidation shows the following: 10,000 10,000 L. Capital 15,500 M. Capital 22,000 N, Capital 7,500 L, M,and N share profits and losses in the ratio of 3:2:5, respectively. The non-cash assets were sold for P 40,000. Cash Non-cash assets P 5,000 60,000 Accounts payable Niloan Required: a. Prepare the statement of partnership liquidation b. Prepare entries to record the liquidation of the partnership c. How much cash is available for distribution to partners in settlement of their capital balances? d. How much cash is received by N in full settlement of his total interest in the partnership, including loan?
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Microsoft Visual C# An Introduction to Object-Oriented Programming
ISBN: 978-1337102100
7th edition
Authors: Joyce Farrell
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