The partners of the M&N Partnership started liquidating their business on July 1, 2015, at which...
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The partners of the M&N Partnership started liquidating their business on July 1, 2015, at which time the partners were sharing profits and losses 40% to M and 60% to N. The balance sheet of the partnership appeared as follows: Assets Cash....... Receivable ....... Inventory... Total.... M&N Partnership Balance Sheet - July 1, 2015 Equipment ....... P65,200 Accumulated. depreciation (30,800) Liabilities & Equity P 8,800 Accounts payable ............. P 32,400 P31,000 (5,400) 25,600 P33,200 22,400 M, capital......... 39,400 M, drawing...... N, capital......... N, drawing....... ( 200) N, loan ...... 34,400 P105,000 Total.......... 33,000 14,000 P105,000 During the month of July, the partners collected P600 of the receivables with no loss. The partners also sold during the month the entire inventory on which they realized a total of P32,400. How much of the cash was paid to M's capital on July 31, 2015? a. b. P25,600 5,400 c. d. P320 0 The partners of the M&N Partnership started liquidating their business on July 1, 2015, at which time the partners were sharing profits and losses 40% to M and 60% to N. The balance sheet of the partnership appeared as follows: Assets Cash....... Receivable ....... Inventory... Total.... M&N Partnership Balance Sheet - July 1, 2015 Equipment ....... P65,200 Accumulated. depreciation (30,800) Liabilities & Equity P 8,800 Accounts payable ............. P 32,400 P31,000 (5,400) 25,600 P33,200 22,400 M, capital......... 39,400 M, drawing...... N, capital......... N, drawing....... ( 200) N, loan ...... 34,400 P105,000 Total.......... 33,000 14,000 P105,000 During the month of July, the partners collected P600 of the receivables with no loss. The partners also sold during the month the entire inventory on which they realized a total of P32,400. How much of the cash was paid to M's capital on July 31, 2015? a. b. P25,600 5,400 c. d. P320 0
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Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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