The liabilities and capital balances of the partners before the sale of the assets and payment of liabilities including personal assets and liabilities of the partners were:PartnershipPersonal AssetsPersonal LiabilitiesCashP10,000Liabilities70,000Kath65,000P1,200,000P1,500,000Pau20,0002,500,000· 2,490,000Jas15,0003,000,0003,200,000After the assets were sold the capital balances of the partners where as follows: Kath, P48,000, Pau, P12,000; and Jas, (P10,000).How much is the proceeds from sale of non-cash assets?Select the correct response.O P110,000O P160,000P90,000P100,000< Previous

In case of dissolution of firm all the non cash assets are required to be sold and the proceeds from…

Answered: After the assets were sold the capital…

After the assets were sold the capital balances of the partners where as follows: Kath, P48,000, Pau, P12,000, and Jas, (P10,000). How much is the proceeds from sale of non-cash assets?

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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