.XYZ Partnership with partners X, Y, and Z decided to liquidate. At the date of liquidation, the partnership has cash of P150,000 and liabilities of P80,000. The capital balances of the partners are P80,000, P50,000, and P60,000 and divides profits and losses at 20:40:40. After the sale of noncash assets and payment of liabilities, the capital balances of the partners are P88,000, P66,000, and P76,000 respectively, and the cash remaining were then distributed. At what amount did the noncash assets were sold? a. P310,000 b. P220,000 c. P160,000 d. P120,000
.XYZ Partnership with partners X, Y, and Z decided to liquidate. At the date of liquidation, the partnership has cash of P150,000 and liabilities of P80,000. The capital balances of the partners are P80,000, P50,000, and P60,000 and divides profits and losses at 20:40:40. After the sale of noncash assets and payment of liabilities, the capital balances of the partners are P88,000, P66,000, and P76,000 respectively, and the cash remaining were then distributed. At what amount did the noncash assets were sold? a. P310,000 b. P220,000 c. P160,000 d. P120,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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.XYZ Partnership with partners X, Y, and Z decided to liquidate. At the date of liquidation, the partnership has cash of P150,000 and liabilities of P80,000. The capital balances of the partners are P80,000, P50,000, and P60,000 and divides profits and losses at 20:40:40.
After the sale of noncash assets and payment of liabilities, the capital balances of the partners are P88,000, P66,000, and P76,000 respectively, and the cash remaining were then distributed. At what amount did the noncash assets were sold?
After the sale of noncash assets and payment of liabilities, the capital balances of the partners are P88,000, P66,000, and P76,000 respectively, and the cash remaining were then distributed. At what amount did the noncash assets were sold?
a. P310,000
b. P220,000
c. P160,000
d. P120,000
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