On December 31, 202, the Statement of Financial Position of UFC Partnership shows the following data with profit or loss sharing of 2:3:5. What is the net proceeds from the sale of non-cash assets during January 2021? P15,000,000 Liabilities to others40,000,000 U, CapitalF, CapitalC, CapitalCashP20,000,00015,000,000012,500,0007,500,000Other Noncash assetOn January 1, 2021, the partners decided to wind up the partnership affairs. During the winding up, liquidationexpenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold duringJanuary. 40% of total liabilities were also paid during January. P3,000,000 cash was withheld during January forfuture liquidation expenses. On January 31, 2021, partner U received P10,000,000.

On December 31, 202, the Statement of Financial Position of UFC Partnership shows the following data with profit or loss sharing of 2:3:5. What is the net proceeds from the sale of non-cash assets during January 2021?

On December 31, 202, the Statement of Financial Position of UFC Partnership shows the following data with profit or loss sharing of 2:3:5. What is the net proceeds from the sale of non-cash assets during January 2021?

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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