The balance sheet of Ryan and Peter firm as on December 31,2017,is given below.

Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.The furniture and the equipment were sold at a cumulative loss of $50,000.The accounts receivable were duly received in cash and the other assets were written off as worthless.The cash balance remaining to pay the liabilities is ________.
A)$17,000
B)$94,000
C)$44,000
D)$40,000

Question

The balance sheet of Ryan and Peter firm as on December 31,2017,is given below.

Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.The furniture and the equipment were sold at a cumulative loss of $50,000.The accounts receivable were duly received in cash and the other assets were written off as worthless.The cash balance remaining to pay the liabilities is ________.
A)$17,000 
B)$94,000 
C)$44,000 
D)$40,000

Quizplus · Accepted Answer

C)
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The Balance Sheet of Ryan and Peter Firm as on December