On January 1, 2018, RRR Partnership entered into liquidation. The partners' capital balances on this date were as follows: Rowena (25%) P2,500,000; Roxanne (35%) P5,400,000; and Rodora (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000 including a loan from Roxanne in the amount of P600,000. Cash on hand prior to the liquidation process is P800,000. Roxanne received P2,255,000 in full settlement of his interest. How much was the loss from the realization of noncash assets? * O 9,945,000 O 10,700,000 O 5,255,000 ) 10,525,000

On January 1, 2018, RRR Partnership entered into liquidation. The partners' capital balances on this date were as follows: Rowena (25%) P2,500,000; Roxanne (35%) P5,400,000; and Rodora (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000 including a loan from Roxanne in the amount of P600,000. Cash on hand prior to the liquidation process is P800,000. Roxanne received P2,255,000 in full settlement of his interest. How much was the loss from the realization of noncash assets? * O 9,945,000 O 10,700,000 O 5,255,000 ) 10,525,000

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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