13. King, Queen and Prince are partners sharing profit and loss in the ratio of 2:1:1 respectively. Their capital balances are P400.000 for King, P200,000 for Queen and P100.000 for Prince. Claims of suppliers amounted to P500,000 including the loan extended by Prince, P0,000. The cash balance amounted to P300,000 and increased to P1,050,000 as a result of the sale of the non-cash assets. How much was the cash proceeds? a. P1,100,000 b. P800,000 c. P750,000 d. P1,050,000 e. answer not given

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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13. King, Queen and Prince are partners sharing profit and loss in the ratio of 2:1:1 respectively. Their capital balances are P400.000 for King, P200,000 for Queen and P100.000 for Prince. Claims of suppliers amounted to P500,000 including the loan extended by Prince, P0,000. The cash balance amounted to P300,000 and increased to P1,050,000 as a result of the sale of the non-cash assets.

How much was the cash proceeds?
a. P1,100,000
b. P800,000
c. P750,000
d. P1,050,000
e. answer not given

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