A, B, C partnership began the process of liquidation with the following balance sheet: Assets Liabilities...
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A, B, C partnership began the process of liquidation with the following balance sheet: Assets Liabilities and Capital Liabilities A, Capital (30%) B, Capital (20%) C, Capital (50%) Cash Non-cash assets Total P 16,000 434,000 P 150,000 80,000 90,000 130,000 P 450,000 P 450,000 Liquidation expenses are expected to be P12,000. After the liquidation expenses of P12,000 had been paid and the non-cash assets are sold, C had a deficit of P8,000. For what amount were the non-cash assets sold? A, B, C partnership began the process of liquidation with the following balance sheet: Assets Liabilities and Capital Liabilities A, Capital (30%) B, Capital (20%) C, Capital (50%) Cash Non-cash assets Total P 16,000 434,000 P 150,000 80,000 90,000 130,000 P 450,000 P 450,000 Liquidation expenses are expected to be P12,000. After the liquidation expenses of P12,000 had been paid and the non-cash assets are sold, C had a deficit of P8,000. For what amount were the non-cash assets sold?
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The total assets of the partnership are P450000 which includes P16000 in cash and ... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date:
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