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, B and C are partners who decided to liquidate their partnership. They share profits and losses 5:3:2, respectively.  Financial Position: Cash 50,000 Other Assets 250,000 Accounts Payable 60,000 A, Capital 80,000 B, Capital 90,000 C, Capital 70,000   The first sale of non-

, B and C are partners who decided to liquidate their partnership. They share profits and losses 5:3:2, respectively.  Financial Position: Cash 50,000 Other Assets 250,000 Accounts Payable 60,000 A, Capital 80,000 B, Capital 90,000 C, Capital 70,000   The first sale of non-

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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A, B and C are partners who decided to liquidate their partnership. They share profits and losses 5:3:2, respectively. 

Financial Position:
Cash 50,000
Other Assets 250,000
Accounts Payable 60,000
A, Capital 80,000
B, Capital 90,000
C, Capital 70,000
 
The first sale of non-cash assets with book value of P150,000. At this time, the partnership paid creditors of P50,000 and liquidation expenses of P5,000. The partnership also withheld P10,000 for possible liquidation expenses. Partner B received P48,000 in the first cash distribution.

 
How much is the proceeds from the sale of non-cash assets? 

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