2. Joan, Joey, and Justin share profits and losses in the ratio of 3:2:1. ASn June...

 

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2. Joan, Joey, and Justin share profits and losses in the ratio of 3:2:1. ASn June 30, 2019, the capital balances of Joan, Joey, and Justin were P100,000, P80,000, and P/0,000, respectively. The partners decided to liquidate. They sold non-cash assets for P130,000. After settlement of all liabilities amounting to P30,000, they stll had P184,000 cash left for distribution, The share of Joan in the loss on realization of non-cash assets amounted to А. Р33,000 В. Р42,000 C. P48,000 D. P66,000 3. Refer to Item 2. The carrying value of the non-cash assets was A. P163,000 B. P172,000 C. P196,000 D. P214,000 4. Refer to Item 2. Justin's share in final cash left for distribution would be A. P48,000 B. P63,400 C. P59,000 D. P58,000 2. Joan, Joey, and Justin share profits and losses in the ratio of 3:2:1. ASn June 30, 2019, the capital balances of Joan, Joey, and Justin were P100,000, P80,000, and P/0,000, respectively. The partners decided to liquidate. They sold non-cash assets for P130,000. After settlement of all liabilities amounting to P30,000, they stll had P184,000 cash left for distribution, The share of Joan in the loss on realization of non-cash assets amounted to А. Р33,000 В. Р42,000 C. P48,000 D. P66,000 3. Refer to Item 2. The carrying value of the non-cash assets was A. P163,000 B. P172,000 C. P196,000 D. P214,000 4. Refer to Item 2. Justin's share in final cash left for distribution would be A. P48,000 B. P63,400 C. P59,000 D. P58,000

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Answer 2 Capital balances 1000008000070000 250000 Cash left f... View the full answer