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...

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

Extracted text: 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, 93,750 Capital 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?

Jun 03, 2022

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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...

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