The topic is about Partnership Liquidation

The topic is about Partnership Liquidation. Based on the problem on the picture, choose the letter of correct answer; In November, Sarrah and Sapphira should receive: Sarrah                          Sapphira a.             45,000                             67,500 b.            45,000                              0 c.             0                                      67500 d.            81,500                             103,500 Transcribed Image Text: The statement of financial position of Sapphira and Sarah partnership on September
1, 20xx before liquidation is as follows:
Assets
Liabilities and Capital
Cash
P 25,000
Liabilities
P100,000
(40%)
Sarrah, Capital
Sapphira, Capital
Total Liabilities and Capital P300,000
Other Assets
275,000
87,500
(60%)
112,500
Total Assets
P300,000
In September, assets with a book value of P110,000 are sold for P90,000, creditors
are paid in full and P10,000 is paid to partners. In October, assets with book value of
P50,000 are sold for P60,000, liquidation expenses of P2,500 are paid and cash of
P62,500 is paid to partners.
In November the remaining assets are sold for
P112,500.

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