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?

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?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 57P

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