On January 1, 2022, GCQ Partnership entered into liquidation. The partner's capital balances on this date were as follows: G (25%) P250,000; C (35%) P540,000; and Q (40%) P370,000. The partnership has liabilities amounting to P440,000, including a loan from C in the amount of P60,000 Cash on hand prior to the liquidation process is P80,000. C received P225,000 in full settlement of her interest How much was the gain (loss) from the realization of the non-cash assets, assuming all partners are personally solvent?
On January 1, 2022, GCQ Partnership entered into liquidation. The partner's capital balances on this date were as follows: G (25%) P250,000; C (35%) P540,000; and Q (40%) P370,000. The partnership has liabilities amounting to P440,000, including a loan from C in the amount of P60,000 Cash on hand prior to the liquidation process is P80,000. C received P225,000 in full settlement of her interest How much was the gain (loss) from the realization of the non-cash assets, assuming all partners are personally solvent?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2022, GCQ Partnership entered into liquidation. The partner's capital balances on this date were as follows: G (25%) P250,000; C (35%) P540,000; and Q (40%) P370,000. The partnership has liabilities amounting to P440,000, including a loan from C in the amount of P60,000 Cash on hand prior to the liquidation process is P80,000. C received P225,000 in full settlement of her interest
How much was the gain (loss) from the realization of the non-cash assets, assuming all partners
are personally solvent?
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