44 On December 31, 2020, the statement of financial position of UFC Partnership shows thefollowing data with profit or loss sharing ratio of 2:3:5:CashP15,000,000Other non-cash asset40,000,000Liabilities to othersP20,000,000U, Capital15,000,000F, Сapital12,500,000С. Саpital7,500,000On January 1, 2021, the partners decided to wind up the partnership affairs. During thewinding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets withbook value of P30,000,000 were sold during January. 40% of total liabilities were also paidduring January. P3,000,000 cash was withheld during January for future liquidation expenses.On January 31, 2021, partner U received P10,000,000.What is the net proceeds from the sale of non-cash assets during January 2021? * .

Profit and loss Profit or loss of the company is measured by preparing income statement which shows…

Answered: On December 31, 2020, the statement of…

On December 31, 2020, the statement of fi ollowing data with profit or loss sharing ra Cash P15,000,000 Dther non-cash asset 40,000,000 Liabilities to others P20,000,000

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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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?
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Undefined
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