Reference no: EM133172640
Question - The contents of the balance sheet of the partnership Rivas and Brionesas of December 31, 2021 is as follows:
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Assets
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Liabilities and Capital
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Cash
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P30,000
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Liabilities
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P132,000
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Other Assets
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200,000
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Rivas, Loan
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18,000
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Briones, Capital
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10,000
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Rivas, Capital
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70,000
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The other assets were realized for P134,000, and all cash is disbursed. Division of profits and losses are: Rivas, 70%; Briones, 30%.
Required -
1. How much is the balance of Briones, Capital account after realization of non-cash assets? (Note: if the realization resulted to a capital deficiency, use negative sign as shown in the instructions.)
2. How much is the balance of Rivas, Capital account after realization of non-cash assets? (Note: if the realization resulted to a capital deficiency, use negative sign as shown in the instructions.)
3. How much cash is available for final cash distribution?
4. How much did Rivas receive upon final cash distribution?
5. How much did Briones received upon final cash distribution?