P 30,000

Other assets
Total

Liabilities
320,000

P 50,000
Salve, capital
Gilda, capital
Nora, capital

P350,000

80,000
115,000
05,000
P350,000

The partners agreed to liquidate the partnership by installments. Immediately there was
a realization of P100,000 cash from selling other assets with a book value of P150,000.
Of the cash available, the priority is the payment of the liabilities and the balance is to
be distributed to the partners.
a.
b.
c.
d.

How should the remaining cash be distributed.

Salve, P50,000; Gilda, P30,000; and, Nora, P20,000.
Salve, P40,000; Gilda, P24,000; and, Nora, P16,000.
Salve, P---0---; Gilda, P31,000; and, Nora, P49,000.
Salve, P---0---; Gilda, P48,000; and, Nora, P32,000.

Questions 68 through 70 are based on the following data from the records of ABC Partnership:
ABC Partnership
Balance Sheet
December 31, 2010

Assets
Cash
Other Noncash Assets
Total

P 2,000
28,000
P 30,000

Liabilities & Net Worth

Liabilities
A, loan
A, capital
B, capital
C, capital
Total

P 5,000
2,500
12,500
7,000
3,000
P 30,000

Profit and loss ratio is 3:2:1 for A, B, and C, respectively. The other non-cash assets
were realized as follows:
Date

Cash Received

Book Value

Jan. , 2011
Feb., 2011
Mar., 2011

P 6,000
3,500
12,500

P 9,000
7,700
11,300

Cash is distributed as assets are realized.

[68].
a.
b.
c.
d.

The total loss to A is

P3,000
P2,000
P1,000
P0

[69].
a.
b.
c.
d.

The total cash received by B is:

P2,200
P0
P5,000
P1,500
P 30,000
Liabilities
Other assets
320,000
Total

P 50,000
Salve, capital
Gilda, capital
Nora, capital

P350,000

80,000
115,000
05,000
P350,000

The partners agreed to liquidate the partnership by installments. Immediately there was
a realization of P100,000 cash from selling other assets with a book value of P150,000.
Of the cash available, the priority is the payment of the liabilities and the balance is to
be distributed to the partners.
a.
b.
c.
d.

How should the remaining cash be distributed.

Salve, P50,000; Gilda, P30,000; and, Nora, P20,000.
Salve, P40,000; Gilda, P24,000; and, Nora, P16,000.
Salve, P---0---; Gilda, P31,000; and, Nora, P49,000.
Salve, P---0---; Gilda, P48,000; and, Nora, P32,000.

Questions 68 through 70 are based on the following data from the records of ABC Partnership:
ABC Partnership
Balance Sheet
December 31, 2010

Assets
Cash
Other Noncash Assets
Total

P 2,000
28,000
P 30,000

Liabilities & Net Worth

Liabilities
A, loan
A, capital
B, capital
C, capital
Total

P 5,000
2,500
12,500
7,000
3,000
P 30,000

Profit and loss ratio is 3:2:1 for A, B, and C, respectively. The other non-cash assets
were realized as follows:
Date
Jan. , 2011
Feb., 2011
Mar., 2011

Cash Received
P 6,000
3,500
12,500

Book Value
P 9,000
7,700
11,300

Cash is distributed as assets are realized.

[68].
a.
b.
c.
d.

The total loss to A is

P3,000
P2,000
P1,000
P0

[69].
a.
b.
c.
d.

The total cash received by B is:

P2,200
P0
P5,000
P1,500
P 30,000
Liabilities
Other assets
320,000
Total

P 50,000
Salve, capital
Gilda, capital
Nora, capital

P350,000

80,000
115,000
05,000
P350,000

The partners agreed to liquidate the partnership by installments. Immediately there was
a realization of P100,000 cash from selling other assets with a book value of P150,000.
Of the cash available, the priority is the payment of the liabilities and the balance is to
be distributed to the partners.
a.
b.
c.
d.

How should the remaining cash be distributed.

Salve, P50,000; Gilda, P30,000; and, Nora, P20,000.
Salve, P40,000; Gilda, P24,000; and, Nora, P16,000.
Salve, P---0---; Gilda, P31,000; and, Nora, P49,000.
Salve, P---0---; Gilda, P48,000; and, Nora, P32,000.

Questions 68 through 70 are based on the following data from the records of ABC Partnership:
ABC Partnership
Balance Sheet
December 31, 2010

Assets
Cash
Other Noncash Assets
Total

P 2,000
28,000
P 30,000

Liabilities & Net Worth

Liabilities
A, loan
A, capital
B, capital
C, capital
Total

P 5,000
2,500
12,500
7,000
3,000
P 30,000

Profit and loss ratio is 3:2:1 for A, B, and C, respectively. The other non-cash assets
were realized as follows:
Date
Jan. , 2011
Feb., 2011
Mar., 2011

Cash Received
P 6,000
3,500
12,500

Book Value
P 9,000
7,700
11,300

Cash is distributed as assets are realized.

[68].
a.
b.
c.
d.

The total loss to A is

P3,000
P2,000
P1,000
P0

[69].
a.
b.
c.
d.

The total cash received by B is:

P2,200
P0
P5,000
P1,500