How much was the carrying amount of the non-cash assets?A. 1,240,000B. 1,360,000C. 920,000D. 1,420,000 How much was the net proceeds from the sale of non-cash assets?A. 680,000B. 760,000C. 1,720,000D. 1,480,00 How much did A receive from the settlement of his capital balance?A. 608,000B. 0C. 806,000D. 112,000 On January 1, 20xl, A and B decided to liquidate their partnership. As of this date, their capitalbalances were P400,000 and PS00,000, respectively. The partners share in profits and losses on a 60:40ratio. Before liquidation, the partnership had P80,000 cash and P120,000 liabilities. The partnershipincurred loss of ?480,000 on the sale of non-cash assets. A is solvent but B is insolvent.

Liquidation of partnership means cessation or end of the partnership business. Under which, all…

How much was the carrying amount of the non-cash assets? A. 1,240,000 B. 1,360,000 C. 920,000 D. 1,420,000 How much was the net proceeds from the sale of non-cash assets? A. 680,000 B. 760,000 C. 1,720,000 D. 1,480,00 How much did A receive from the settlement of his capital balance? A. 608,000 B. 0 C. 806,000 D. 112,000

How much was the carrying amount of the non-cash assets? A. 1,240,000 B. 1,360,000 C. 920,000 D. 1,420,000 How much was the net proceeds from the sale of non-cash assets? A. 680,000 B. 760,000 C. 1,720,000 D. 1,480,00 How much did A receive from the settlement of his capital balance? A. 608,000 B. 0 C. 806,000 D. 112,000

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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Answer 19 please
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