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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?

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
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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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: Partnership Personal Assets Personal Liabilities Cash P10,000 Liabilities 70,000 Kath 65,000 P1,200,000 P1,500,000 Pau 20,000 2,500,000 · 2,490,000 Jas 15,000 3,000,000 3,200,000 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? Select the correct response. O P110,000 O P160,000 P90,000 P100,000 < Previous
Transcribed Image Text: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: Partnership Personal Assets Personal Liabilities Cash P10,000 Liabilities 70,000 Kath 65,000 P1,200,000 P1,500,000 Pau 20,000 2,500,000 · 2,490,000 Jas 15,000 3,000,000 3,200,000 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? Select the correct response. O P110,000 O P160,000 P90,000 P100,000 < Previous
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