Answered: For Marie to receive P 60,000 in final…

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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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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