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P400,000, P680,000 and P800,000, respectively. The partners partnership. On this date, the partners' capital balances were 4. On January 1, 205 tô liquidate their 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 setțlement of his interest in the partnership?

P400,000, P680,000 and P800,000, respectively. The partners partnership. On this date, the partners' capital balances were 4. On January 1, 205 tô liquidate their 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 setțlement of his interest in the partnership?

FINANCIAL ACCOUNTING
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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I got 86,171.43 as my answer but it is not included in the choices. The choices are 94,400 147,200 9,600 and 0. Pls let me know where did I get it wrong. Thank you

4. On January 1, 20x1, A, B and C decided to liquidate their partnership. On this date, the partners' capital balances were P400,000, P680,000 and P800,000, respectively. The partners 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?
Transcribed Image Text:4. On January 1, 20x1, A, B and C decided to liquidate their partnership. On this date, the partners' capital balances were P400,000, P680,000 and P800,000, respectively. The partners 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?
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