I. Account balances of MAME partnership as of June 30, 2020 are as follows: Trade PayablesMahir, Capital (70%)Mendeley, Capital (30%)Total Liabilities and EquitiesCashP30,000P165,000Noncash assets760,000350,000275,000P790,000Total assetsP790,000Fair value of noncash assets on this date amounted to P735,000. Mohan offered to buy for P760,000 ofthe partnership's net assets, except cash. How much will Mahir receive as final settlement of his interestin the partnership?

Partnership means where two or more person comes together to do some common business activity and…

Cash P30,000 760,000 Trade Payables Mahir, Capital (70%) Mendeley, Capital (30%) Total Liabilities and Equities P165,000 Noncash assets 350,000 275,000 Total assets P790,000 P790,000 Fair value of noncash assets on this date amounted to P735,000. Mohan offered to buy for P760,000 of the partnership's net assets, except cash. How much will Mahir receive as final settlement of his interest in the partnership?

Cash P30,000 760,000 Trade Payables Mahir, Capital (70%) Mendeley, Capital (30%) Total Liabilities and Equities P165,000 Noncash assets 350,000 275,000 Total assets P790,000 P790,000 Fair value of noncash assets on this date amounted to P735,000. Mohan offered to buy for P760,000 of the partnership's net assets, except cash. How much will Mahir receive as final settlement of his interest in the partnership?

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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