Under partnership liquidation partner. In the settlement of the partners' claims, how muchThe non-cash assets are sold for P320,000. C is the only solvent3. The statement of financial position of the partnership of A, Band C shows the following information:Cash40,000 Liabilities720,000 B, Loan300,00064,000Noncash assets20,000C, LoanA, Capital (50%)B, Capital (30%)C, Capital (20%)250,00086,00040,000760,000Total760,000 Total Liab. & Equityadditional contribution is required of C?

Loss on realization=720000-320000=400000 400000 distribute to partners in their PSR.

partner. In the settlement of the partners' claims, how much The non-cash assets are sold for P320,000. C is the only solvent 3. The statement of financial position of the partnership of A, and C shows the following information: Cash 300,000 64,000 40,000 Liabilities Noncash assets 720,000 B, Loan 20,000 C, Loan A, Capital (50%) B, Capital (30%) C, Capital (20%) 250,000 86,000 40,000 Total 760,000 760,000 Total Liab. & Equity dditional sontribution is required of C?

partner. In the settlement of the partners' claims, how much The non-cash assets are sold for P320,000. C is the only solvent 3. The statement of financial position of the partnership of A, and C shows the following information: Cash 300,000 64,000 40,000 Liabilities Noncash assets 720,000 B, Loan 20,000 C, Loan A, Capital (50%) B, Capital (30%) C, Capital (20%) 250,000 86,000 40,000 Total 760,000 760,000 Total Liab. & Equity dditional sontribution is required of C?

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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