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Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows: Magalang – P2,000; Matulungin –P50,000; Masipag – P50,000; Matapat – P18,000      The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash.  After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent. How much is the total assets of the partnership?Required to answer. Single choice. a. P126,000 b. P39,600 c. P86,400 d. P16,000

Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows: Magalang – P2,000; Matulungin –P50,000; Masipag – P50,000; Matapat – P18,000      The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash.  After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent. How much is the total assets of the partnership?Required to answer. Single choice. a. P126,000 b. P39,600 c. P86,400 d. P16,000

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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Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows:
Magalang – P2,000; Matulungin –P50,000; Masipag – P50,000; Matapat – P18,000
     The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash.  After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent.
How much is the total assets of the partnership?Required to answer. Single choice.

a. P126,000
b. P39,600
c. P86,400
d. P16,000
 
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