39. Peter and John, who share profits and losses equally, decided to liquidate their partnership when their net assets amounted to P260,000 and capital balances of P170,000 and P90,000, respectively. If the noncash assets were sold for amount equal to its book value, what amount of cash should Peter and John received? a. Peter, P130,000 John P130,000 b. Peter, P170,000 John P90,000 c. Peter, P180,000 John P80,000 d. Peter, P195,000 John P65,000

39. Peter and John, who share profits and losses equally, decided to liquidate their partnership when their net assets amounted to P260,000 and capital balances of P170,000 and P90,000, respectively. If the noncash assets were sold for amount equal to its book value, what amount of cash should Peter and John received? a. Peter, P130,000 John P130,000 b. Peter, P170,000 John P90,000 c. Peter, P180,000 John P80,000 d. Peter, P195,000 John P65,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 5MC: Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current...

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