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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 cash balance amounted to P300,000, how much is the non-cash assets of the partnership? a. P950,000 ь. Р1,250.000 c. P1,200,000 d. P900,000 If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a. P1,100.000 ь. Р800.000 c. P1,400,000 d P1.959.999

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 cash balance amounted to P300,000, how much is the non-cash assets of the partnership? a. P950,000 ь. Р1,250.000 c. P1,200,000 d. P900,000 If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a. P1,100.000 ь. Р800.000 c. P1,400,000 d P1.959.999

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 cash balance amounted to P300,000. how much is the non-cash assets of the partnership? а. Р950,000 b. P1,250.000 c. P1,200,000 d. P900,000 If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a. P1,100.000 b. Р800,000 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. If the cash balance amounted to P300,000. how much is the non-cash assets of the partnership? а. Р950,000 b. P1,250.000 c. P1,200,000 d. P900,000 If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a. P1,100.000 b. Р800,000 c. P1,400,000 d. P1,050,000
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