7. The PQ Partnership is not going well, and the partners have decided to liquidate the business. The partners share income and loss in a ratio of 2:1. PQ Partnership reported cash of Php 50,000 and building valued at Php800,000. They owe Php 500,000 to various creditors. Upon checking with realtors, they can sell the building at Php 600,000 based on current prices. How much is the liquidation value of PQ Partnership?
7. The PQ Partnership is not going well, and the partners have decided to liquidate the business. The partners share income and loss in a ratio of 2:1. PQ Partnership reported cash of Php 50,000 and building valued at Php800,000. They owe Php 500,000 to various creditors. Upon checking with realtors, they can sell the building at Php 600,000 based on current prices. How much is the liquidation value of PQ Partnership?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7. Help me to answer this with solution. thank you
Transcribed Image Text:7. The PQ Partnership is not going well, and the partners have
decided to liquidate the business. The partners share income and
loss in a ratio of 2:1. PQ Partnership reported cash of Php 50,000
and building valued at Php800,000. They owe Php 500,000 to
various creditors. Upon checking with realtors, they can sell the
building at Php 600,000 based on current prices. How much is the
liquidation value of PQ Partnership?
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