Partners Percy, May and Anne have decided to liquidate their partnerships. The partnerships Statement of Financial Position reveals the following: Assets Liabilities and Capital Cash P 250,000 Liabilities P 300,000 Noncash Assets Percy, capital (40%) May, capital (40%) Anne, capital (20%) Total Liabilities & Capital P 2,750,000 2,500,000 900,000 1,200,000 350,000 Total Assets P 2,750,000 All partners are personally solvent. Anne received P490,000 in cash in full settlement for her share in the partnership. What was the selling price for the other assets?

Partners Percy, May and Anne have decided to liquidate their partnerships. The partnerships Statement of Financial Position reveals the following: Assets Liabilities and Capital Cash P 250,000 Liabilities P 300,000 Noncash Assets Percy, capital (40%) May, capital (40%) Anne, capital (20%) Total Liabilities & Capital P 2,750,000 2,500,000 900,000 1,200,000 350,000 Total Assets P 2,750,000 All partners are personally solvent. Anne received P490,000 in cash in full settlement for her share in the partnership. What was the selling price for the other assets?

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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