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King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively.  Their capital balances are P500,000,  P300,000 and P200,000 respectively.  Liabilities amounted to P200,000.  There is also a loan payable to Prince, P20,000. _______ If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a.P1,100,000                                                   c.  P1,400,000 b.P800,000                                                      d.  P1,050,000

King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively.  Their capital balances are P500,000,  P300,000 and P200,000 respectively.  Liabilities amounted to P200,000.  There is also a loan payable to Prince, P20,000. _______ If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a.P1,100,000                                                   c.  P1,400,000 b.P800,000                                                      d.  P1,050,000

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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King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively.  Their capital balances are P500,000,  P300,000 and P200,000 respectively.  Liabilities amounted to P200,000.  There is also a loan payable to Prince, P20,000.

_______ If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds?

a.P1,100,000                                                   c.  P1,400,000

b.P800,000                                                      d.  P1,050,000

King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively. Their capital balances are P500,000, P300,000 and P200,000 respectively. Liabilities amounted to P200,000. There is also a loan payable to Prince, P20,000. Ifthe non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a. P1,100.000 b. P800,000 c. P1,400,000 d. P1,050,000
Transcribed Image Text:King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively. Their capital balances are P500,000, P300,000 and P200,000 respectively. Liabilities amounted to P200,000. There is also a loan payable to Prince, P20,000. Ifthe non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a. P1,100.000 b. P800,000 c. P1,400,000 d. P1,050,000
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