The statement of financial position for the partnership of AA BB and CC who share profits...

 

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The statement of financial position for the partnership of AA BB and CC who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash Other assets Liabilities AA capital BB, capital CC. capital P12.000 59.500 OP1550 OP27450 OP2.550 ⒸP29.200 49,000 22.000 15,500 (15,000) On the first instalment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Labilities paid amounted to P34,000. Remaining book value of other assets is P1.550. On the first payment to partners, AA receives P6.250. How much is the amount of cash withheld for anticipated liquidation expenses and unpaid abilities? The statement of financial position for the partnership of AA BB and CC who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash Other assets Liabilities AA capital BB, capital CC. capital P12.000 59.500 OP1550 OP27450 OP2.550 ⒸP29.200 49,000 22.000 15,500 (15,000) On the first instalment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Labilities paid amounted to P34,000. Remaining book value of other assets is P1.550. On the first payment to partners, AA receives P6.250. How much is the amount of cash withheld for anticipated liquidation expenses and unpaid abilities?

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Partnership is a formal arrangement by two or more parties to manage and operate a business and sha... View the full answer