2. The sale of the non-cash assets resulted in a total loss ofA. P70,000b. P60,000c.P65,000 d. P80.000e. answer not given Dino, Doods and Dong have the following accounts and their normal balances onJuly 31, 2015, the dale the partners agreed to liquidate their 3D PartnershipCash :20,000Accounts Receivable25,000Allowance for Bad Debts5,000Merchandise Inventory60,000Furniture & Equipment50,000Accumulated Depreciation5,000Accounts Payable10,000Notes Payable27,000Loan due to Dino5,000Loan due to Doods7,000Dino, Capital20,000Doods, Capital40,000Dong, Capital36,000The partners divide profits and losses 4:1:5, respectively. Sales proceeds follow:Accounts receivable10,000Merchandise Inventory30,000Furniture & Equipment20,000

A partnership is one of the forms of a business organization. This is an agreement or association…

Answered: 2. The sale of the non-cash assets…

2. The sale of the non-cash assets resulted in a total loss of A. P70,000 b. P60,000 c.P65,000 d. P80.000 e. answer not given

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

2. The sale of the non-cash assets resulted in a total loss of
A. P70,000
b. P60,000
c.P65,000 d. P80.000
e. answer not given

Dino, Doods and Dong have the following accounts and their normal balances on
July 31, 2015, the dale the partners agreed to liquidate their 3D Partnership
Cash :
20,000
Accounts Receivable
25,000
Allowance for Bad Debts
5,000
Merchandise Inventory
60,000
Furniture & Equipment
50,000
Accumulated Depreciation
5,000
Accounts Payable
10,000
Notes Payable
27,000
Loan due to Dino
5,000
Loan due to Doods
7,000
Dino, Capital
20,000
Doods, Capital
40,000
Dong, Capital
36,000
The partners divide profits and losses 4:1:5, respectively. Sales proceeds follow:
Accounts receivable
10,000
Merchandise Inventory
30,000
Furniture & Equipment
20,000

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