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Acc 7

The partnership is winding up its business and presented its trial balance on June 30, 2016 with assets, liabilities and capital accounts. The partners were paid $140,000 for accounts receivable, inventory and plant & equipment as of that date.

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31 views

Acc 7

The partnership is winding up its business and presented its trial balance on June 30, 2016 with assets, liabilities and capital accounts. The partners were paid $140,000 for accounts receivable, inventory and plant & equipment as of that date.

Uploaded by

Unknown 01
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The partnership of Angel, Timmy and Cain has asked you to assist in winding up

its business. Presented below is the trial balance of the partnership on June 30,
2016.
Accounts Amount
Angel Capital (50%) 77,000
Cash 8,400
Cain Capital (20%) 33,600
Inventory ?
Plant and equipment (net) 138,600
Timmy Capital (30%) 63,000
Trade Creditors 23,800
Trade Debtors 30,800

The partners were paid P140,000 (realization) for the accounts receivable, inventory and
plant and equipment as of June 30.
1. Using Cash priority program,
the final balance to be paid
to Cain is? a. 52,500 c.
35,700
b. 21,000 d. 31,500 e. none of these

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