Solution-How much is the balance of cash after payment of

How much is the balance of cash after payment of liabilities

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Question - The contents of the balance sheet of the partnership Rivas and Brionesas of December 31, 2021 is as follows:

Assets		Liabilities and Capital
Cash	P30,000	Liabilities	P132,000
Other Assets	200,000	Rivas, Loan	18,000
		Briones, Capital	10,000
		Rivas, Capital	70,000

The other assets were realized for P134,000, and all cash is disbursed. Division of profits and losses are: Rivas, 90%; Briones, 10%.

Required -

1. Compute for the gain or loss on realization.

2. How much is the balance of Rivas, Capital account after realization of non-cash assets?

3. How much is the balance of cash after payment of liabilities?

4. How much did Rivas receive upon final cash distribution?

5. How much did Briones receive upon final cash distribution?

Reference no: EM133174443

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How much is the balance of cash after payment of liabilities

Reference no: EM133174443

Reference no: EM133174443

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