King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively. Their capital balances are P500,000, P300,000 and P200,000 respectively. Liabilities amounted to P200,000. There is also a loan payable to Prince, P20,000. _______ If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a.P1,100,000 c. P1,400,000 b.P800,000 d. P1,050,000
King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively. Their capital balances are P500,000, P300,000 and P200,000 respectively. Liabilities amounted to P200,000. There is also a loan payable to Prince, P20,000. _______ If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a.P1,100,000 c. P1,400,000 b.P800,000 d. P1,050,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
King, Queen and Prince are partners sharing
_______ If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds?
a.P1,100,000 c. P1,400,000
b.P800,000 d. P1,050,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education