Anna, Ben, and Carl's partnership did not go well so the partners decided to liquidate on March 31, 2022. Capital balances of the partners after closing the loss incurred for the first quarter showed: Anna P170,000; Ben, P120,000; Carl, P105,000. Liabilities to outside creditors amounted to P150,000. All are sharing profits and losses equally. The non-cash assets were sold for P160,000 and the creditors were paid. Remaining cash for distribution to partners after the liabilities were paid amounted to P26,000. Deficient partners are solven How much is the carrying amount of the non-cash assets prior to realization?
Anna, Ben, and Carl's partnership did not go well so the partners decided to liquidate on March 31, 2022. Capital balances of the partners after closing the loss incurred for the first quarter showed: Anna P170,000; Ben, P120,000; Carl, P105,000. Liabilities to outside creditors amounted to P150,000. All are sharing profits and losses equally. The non-cash assets were sold for P160,000 and the creditors were paid. Remaining cash for distribution to partners after the liabilities were paid amounted to P26,000. Deficient partners are solven How much is the carrying amount of the non-cash assets prior to realization?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Anna, Ben, and Carl's partnership did not go well so the partners decided to liquidate on March 31, 2022.
Capital balances of the partners after closing the loss incurred for the first quarter showed: Anna P170,000;
Ben, P120,000; Carl, P105,000. Liabilities to outside creditors amounted to P150,000. All are sharing profits
and losses equally. The non-cash assets were sold for P160,000 and the creditors were paid. Remaining cash
for distribution to partners after the liabilities were paid amounted to P26,000. Deficient partners are solvent.
How much is the carrying amount of the non-cash assets prior to realization?
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