Question The balance sheet accounts of partners Win,
Question The balance sheet accounts of partners Win, Baek and Jhim before… The balance sheet accounts of partners Win, Baek and Jhim before liquidation are the following: Cash, P360,000; Non-Cash Assets, P1,790,000; Liabilities, P1,000,000; Win, Capital (50%), P460,000; Baek, Capital (30%), P370,000 and Jhim, Capital (20%), P320,000. On the first month of liquidation, assets with a book value of P1,400,000 are sold for P1,060,000. Liquidation expenses of P40,000 are paid and additional expenses are anticipated. Liabilities are paid amounting to P362,000, and sufficient cash is retained to ensure the payment to creditors before making payment to partners. In the first payment of cash to partners, Baek received P100,000. What is the amount of cash withheld for future liquidation expenses?How much was distributed to Jhim?Business Accounting ACCO 30013
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