On January 1, 2009, partners AAA, BBB and CCC, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date, the partnership’s condensed balance sheet was as follows: Cash P 50,000 Other assets 250,000 P 300,000 Liabilities P 60,000 AAA, capital 80,000 CCC, capital 90,000 BBB, capital 70,000 Total P 300,000 On June 15, 2009, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe installment payments to the partners were made the same date. How much cash should be distributed to each partner? AAA BBB CCC a. P 15,000 P 51,000 P 44,000 b. 40,000 45,000 35,000 c. 55,000 33,000 22,000 d. 60,000 36,000 24,000
On January 1, 2009, partners AAA, BBB and CCC, who share
Cash P 50,000
Other assets 250,000
P 300,000
Liabilities P 60,000
AAA, capital 80,000
CCC, capital 90,000
BBB, capital 70,000
Total P 300,000
On June 15, 2009, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe installment payments to the partners were made the same date. How much cash should be distributed to each partner?
AAA BBB CCC
a. P 15,000 P 51,000 P 44,000
b. 40,000 45,000 35,000
c. 55,000 33,000 22,000
d. 60,000 36,000 24,000
please help me understand my activity and I hope you include the computations so that I can understand
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