As of December 31, 2014, the books of Triple E Partnership showed capital balances of E1...
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As of December 31, 2014, the books of Triple E Partnership showed capital balances of E1 - P40,000; E2 - P25,000; and E3-P5,000. They share profits in the ratio of 3:2:1, respectively. They decided to liquidate, thereby selling all non-cash assets for P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution. Any capital deficiency is uncollectible. Required: How much was the loss on realization of non-cash assets? As of December 31, 2014, the books of Triple E Partnership showed capital balances of E1 - P40,000; E2 - P25,000; and E3-P5,000. They share profits in the ratio of 3:2:1, respectively. They decided to liquidate, thereby selling all non-cash assets for P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution. Any capital deficiency is uncollectible. Required: How much was the loss on realization of non-cash assets?
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Answer Value of Non Cash Assets Realisation on Liquidation Loss on Realisation Working N... View the full answer
Related Book For
Survey of Accounting
ISBN: 978-0077862374
4th edition
Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair, Bor
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