Facing financial distress, partners Gary (40%), Gerry (30%), and Gina (30%) decided to liquidate the partnership on September 30, 2020. Their capital balances as of December 31, 2019 were P50,000, P60,000, and P20,000, respectively. The net income from January 1 to September 30 was P44,000 On the date of liquidation, cash and liabilities amounted to P40,000 and P90,000, respectively. For Gary to receive P55,200 in full settlement of interest in the partnership. how much should the non-cash assets be sold for?

Facing financial distress, partners Gary (40%), Gerry (30%), and Gina (30%) decided to liquidate the partnership on September 30, 2020. Their capital balances as of December 31, 2019 were P50,000, P60,000, and P20,000, respectively. The net income from January 1 to September 30 was P44,000 On the date of liquidation, cash and liabilities amounted to P40,000 and P90,000, respectively. For Gary to receive P55,200 in full settlement of interest in the partnership. how much should the non-cash assets be sold for?

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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