P400,000, P680,000 and P800,000, respectively. The partners - On January 1, 20x1, A, B and C decided to liquidate their partnership. On this date, the partners' capital balances were share in profits and losses on a 2:3:5 ratio. During the month. all the assets of the partnership were converted into P224,000 cash. The partnership has liabilities of P120,000. A and B are solvent but C is insolvent. How much did B receive from the settlement of his interest in the partnership?

P400,000, P680,000 and P800,000, respectively. The partners - On January 1, 20x1, A, B and C decided to liquidate their partnership. On this date, the partners' capital balances were share in profits and losses on a 2:3:5 ratio. During the month. all the assets of the partnership were converted into P224,000 cash. The partnership has liabilities of P120,000. A and B are solvent but C is insolvent. How much did B receive from the settlement of his interest in the partnership?

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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