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9. Before the realization of non-cash assets, the partnership has a zero balance in its cash account and a P200,000 balance in its liabilities. If Jack received P261,000 on the final settlement of the partners' claims, how much were the net proceeds from the sale of the non-cash assets? a. 560,000 b. 360,000 c. 290,000 d. 0

9. Before the realization of non-cash assets, the partnership has a zero balance in its cash account and a P200,000 balance in its liabilities. If Jack received P261,000 on the final settlement of the partners' claims, how much were the net proceeds from the sale of the non-cash assets? a. 560,000 b. 360,000 c. 290,000 d. 0

FINANCIAL ACCOUNTING
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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I got 540,000 as my answer but it is not included in the choices. Pls help in order for me to review it also. Thank you

9. Before the realization of non-cash assets, the partnership has a zero balance in its cash account and a P200,000 balance in its liabilities. If Jack received P261,000 on the final settlement of the partners' claims, how much were the net proceeds from the sale of the non-cash assets? a. 560,000 b. 360,000 c. 290,000 d. 0
Transcribed Image Text:9. Before the realization of non-cash assets, the partnership has a zero balance in its cash account and a P200,000 balance in its liabilities. If Jack received P261,000 on the final settlement of the partners' claims, how much were the net proceeds from the sale of the non-cash assets? a. 560,000 b. 360,000 c. 290,000 d. 0
Jack and Beans, who share in profits and losses in the ratio of 3:7, decided to liquidate their Talk Partnership. The partners' capital balances were P300,000 and P190,000, respectively.
Transcribed Image Text:Jack and Beans, who share in profits and losses in the ratio of 3:7, decided to liquidate their Talk Partnership. The partners' capital balances were P300,000 and P190,000, respectively.
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