Question: solve this problem at show solution PROBLEM 4. Following is the balance sheet of DD, EE and FF partnership (a general partnership) on June 4,
solve this problem at show solution
PROBLEM 4. Following is the balance sheet of DD, EE and FF partnership (a general partnership) on June 4, 2024 immediately prior to its liquidation: Assets Liabilities and Capital Cash 6,000.00 Liabilities 20,000.00 Other Asset 94,000.00 EE, loan 4,000.00 DD, capital 27,000.00 EE, capital 39,000.00 FF, capital 10,000.00 Total 100,000.00 Total 100,000.00 The partners shared net income and losses as follows: DD, 40%; EE, 40% and FF, 20%. On June 4, 2024, the other cash were realized at P30,700 and P20,500 had to be paid to liquidate the liabilities because of an unrecorded trade accounts payable of P500. DD and EE were solvent, but FF's personal liabilities exceeded personal assets by P5,000. How much would each partner receive? a. DD, 1,680; EE, 17,680; FF, 0 b. DD, 1,480; EE, 17,480; FF, 0 c. DD, 100; EE, 12,100; FF, 0 d. DD, 100; EE, 16,100; FF, 0Step by Step Solution
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