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balances and profit ratio on this date, follow Capital Bal. P 50,000 60,000 20,000 RR TT

balances and profit ratio on this date, follow Capital Bal. P 50,000 60,000 20,000 RR TT

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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RR, SS, and TT decided to dissolve the partnership on November 30, 2015. Their capital balances and profit ratio on this date, follow: Capital Bal. P & L RR P 50,000 40% 60,000 20,000 30% TT 30% The net income from January 1 to November 30, 2015 is P 44,000. Also, on this date, cash and liabilities are P 40,000 and P 90,000 respectively. For RR to receive P 55,200 in full settlement of his interest in the firm, how much must be realized from the sale of the firm's non-cash assets? а. Р 196,000 b. Р 177,000 P 193,000 d. P 187,000
Transcribed Image Text:RR, SS, and TT decided to dissolve the partnership on November 30, 2015. Their capital balances and profit ratio on this date, follow: Capital Bal. P & L RR P 50,000 40% 60,000 20,000 30% TT 30% The net income from January 1 to November 30, 2015 is P 44,000. Also, on this date, cash and liabilities are P 40,000 and P 90,000 respectively. For RR to receive P 55,200 in full settlement of his interest in the firm, how much must be realized from the sale of the firm's non-cash assets? а. Р 196,000 b. Р 177,000 P 193,000 d. P 187,000
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