Gardo and Gordo formed a partnership on July 1, 2015 to operate two stores to be...
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Gardo and Gordo formed a partnership on July 1, 2015 to operate two stores to be managed by each of them. They invested P30,000 and P20,000 and agreed to share earnings 60% and 40%, respectively. All their transactions were for cash, and all their subsequent transactions were handled through their respective bank accounts as summarized below: Cash receipts ........ Cash disbursements On October 31, 2015, all remaining noncash assets in the two stores were sold for cash of P60,000. The partnership was dissolved, and cash settlement was effected. In the distribution of the P60,000 cash, Gardo received: a. b. P24,000 26,000 Gardo Gordo P79,100 P65,245 62,275 70,695 c. P34,000 d. 36,000 Gardo and Gordo formed a partnership on July 1, 2015 to operate two stores to be managed by each of them. They invested P30,000 and P20,000 and agreed to share earnings 60% and 40%, respectively. All their transactions were for cash, and all their subsequent transactions were handled through their respective bank accounts as summarized below: Cash receipts ........ Cash disbursements On October 31, 2015, all remaining noncash assets in the two stores were sold for cash of P60,000. The partnership was dissolved, and cash settlement was effected. In the distribution of the P60,000 cash, Gardo received: a. b. P24,000 26,000 Gardo Gordo P79,100 P65,245 62,275 70,695 c. P34,000 d. 36,000
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Horngrens Accounting
ISBN: 9780135359785
11th Canadian Edition Volume 2
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood
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