Mar, Tee, Nee, and Kho, sharing profits in the ratio of 3/21, 4/21, 6/21, and 8/21, respectively, decided to liquidate. Their capital balances on June 30, 200D were as follows: Mar, P 10,000, Tee, P 250,000, Nee, P 250,000, and Kho, P 90,000. The noncash assets were converted into P 232,000 cash. After paying the liabilities amounting to P 30,000, the balance of cash was P 222,000. 23. The carrying amount of the noncash assets sold amounted to: C. P 610,000. a. P 252,000. b. P 454,000. d. P 630,000.
Mar, Tee, Nee, and Kho, sharing profits in the ratio of 3/21, 4/21, 6/21, and 8/21, respectively, decided to liquidate. Their capital balances on June 30, 200D were as follows: Mar, P 10,000, Tee, P 250,000, Nee, P 250,000, and Kho, P 90,000. The noncash assets were converted into P 232,000 cash. After paying the liabilities amounting to P 30,000, the balance of cash was P 222,000. 23. The carrying amount of the noncash assets sold amounted to: C. P 610,000. a. P 252,000. b. P 454,000. d. P 630,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Mar, Tee, Nee, and Kho, sharing profits in the ratio of 3/21, 4/21, 6/21,
and 8/21, respectively, decided to liquidate. Their capital balances on June 30,
200D were as follows: Mar, P 10,000, Tee, P 250,000, Nee, P 250,000, and Kho,
P 90,000. The noncash assets were converted into P 232,000 cash. After paying
the liabilities amounting to P 30,000, the balance of cash was P 222,000.
23. The carrying amount of the noncash assets sold amounted to:
a. P 252,000.
C.
P 610,000.
b. P 454,000.
d. P 630,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0babc963-4a17-4d6d-8ed2-dd54425f4bc6%2F5869266c-d9be-49f5-a91d-ca152e14689a%2Fpgjsv3_processed.png&w=3840&q=75)
Transcribed Image Text:Mar, Tee, Nee, and Kho, sharing profits in the ratio of 3/21, 4/21, 6/21,
and 8/21, respectively, decided to liquidate. Their capital balances on June 30,
200D were as follows: Mar, P 10,000, Tee, P 250,000, Nee, P 250,000, and Kho,
P 90,000. The noncash assets were converted into P 232,000 cash. After paying
the liabilities amounting to P 30,000, the balance of cash was P 222,000.
23. The carrying amount of the noncash assets sold amounted to:
a. P 252,000.
C.
P 610,000.
b. P 454,000.
d. P 630,000.
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