Marie, Len and Ann are shared 4:3-3 res
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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Marie, Len and Ann decided to dissolve their partnership on august 31, 2019. Profits and and losses
are shared 4:3:3, respectively and their capital balances as of January 1, 2019 were as follows:
Marie - P 75,000
Len - P 90,000
Ann - P 30,000
The operations of the partnership for the period January 1, 2019 to August 31, 2019 resulted to a
profit of P 66,000. As of August 31, 2019, cash balance is P 60,000 and the liabilities are P 135,000.
For Marie to receive P 60,000 in final settlement of her equity, how much should the non-cash assets
be sold?
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