The account balances shown below was prepared just prior tothe liquidation of the partnership of Jack, Lozada, Mike, Neri.Partners share in the profits and losses in the ratio 4:2:1:1CashP50,000LiabilitiesP450,000Other Assets950,000Neri, Loan37,500Receivable62,500Jack, Capital381,250from JackLozada,93,750CapitalMike, Capital 50,000Neri, capital50,000Other assets are sold for P500,000 and available cash isdistributed to the proper parties. Compute for the followingindependent of each other.1. How much will Jack receive for his capital, if Lozada isinsolvent?2. How much cash will Neri receive upon liquidation for hiscapital if no one is insolvent?

Any profit or loss that occurs during the dissolution of partnership is distributed amongst partners…

The account balances shown below was prepared just prior to the liquidation of the partnership of Jack, Lozada, Mike, Neri. Partners share in the profits and losses in the ratio 4:2:1:1 Cash P50,000 Liabilities P450,000 Other Assets 950,000 Neri, Loan 37,500 Receivable 62,500 Jack, Capital 381,250 from Jack Lozada, Capital 93,750 Mike, Capital 50,000 Neri, capital 50,000 Other assets are sold for P500,000 and available cash is distributed to the proper parties. Compute for the following independent of each other. 1. How much will Jack receive for his capital, if Lozada is insolvent? 2. How much cash will Neri receive upon liquidation for his capital if no one is insolvent?

The account balances shown below was prepared just prior to the liquidation of the partnership of Jack, Lozada, Mike, Neri. Partners share in the profits and losses in the ratio 4:2:1:1 Cash P50,000 Liabilities P450,000 Other Assets 950,000 Neri, Loan 37,500 Receivable 62,500 Jack, Capital 381,250 from Jack Lozada, Capital 93,750 Mike, Capital 50,000 Neri, capital 50,000 Other assets are sold for P500,000 and available cash is distributed to the proper parties. Compute for the following independent of each other. 1. How much will Jack receive for his capital, if Lozada is insolvent? 2. How much cash will Neri receive upon liquidation for his capital if no one is insolvent?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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