Reference no: EM132664911
Question - On December 31, 2020, the Statement of Financial Position of ABC partnership with profit or loss ratio of 4:1:5 is presented below:
Cash 2,100,000 Liability to third person 5,600,000
Noncash asset 11,200,000 Alucard, capital 4,900,000
Baxia, capital 2,100,000
Claude, capital 700,000
On January 1, 2021, ABC partnership has been subjected to installment liquidation. As of January 31, 2021, the following data concerning liquidation are provided:
Noncash asset with book value of P8,700,000 has been sold at a loss of P2,800,000.
Liquidation expense amounting to P560,000 has been incurred for the month of January.
P840,000 cash has been withheld for future liquidation expense.
P4,200,000 liability has been paid.
Q1. What is C's share in the maximum possible loss on January 31, 2021?
a. P1,050,000
b. P1,680,000
c. P1,820,000
d. P2,100,000
Q2. What is the amount received by B on January 31, 2021?
a. P700,000
b. P840,000
c. P1,540,000
d. P2,240,000
Q3. What is the cash balance on January 31, 2021?
a. P700,000
b. P840,000
c. P1,540,000
d. P2,240,000
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