Show the solution in good accounting form Partners Percy, May and Anne have decided to liquidate their partnerships. The partnershipsStatement of Financial Position reveals the following:AssetsLiabilities and CapitalP 250,0002,500,000CashLiabilitiesP 300,000Noncash AssetsPercy, capital (40%)May, capital (40%)Anne, capital (20%)Total Liabilities & Capital P 2,750,000900,0001,200,000350,000Total AssetsP 2,750,000All partners are personally solvent. Anne received P490,000 in cash in full settlement for her sharein the partnership. What was the selling price for the other assets?

Name: Show the solution in good accounting form Partners Percy, May and Anne
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Description: Show the solution in good accounting form Partners Percy, May and Anne have decided to liquidate their partnerships. The partnershipsStatement of Financial Position reveals the following:AssetsLiabilities and CapitalP 250,0002,500,000CashLiabilitiesP

Total Amount paid to all partners = Amount paid to Anne / Anne capital % = P490,000 / 20% =…

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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 2,500,000 P 300,000 900,000 1,200,000 Liabilities Noncash Assets Percy, capital (40%) May, capital (40%) Anne, capital (20%) Total Liabilities & Capital P 2,750,000 350,000 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 2,500,000 P 300,000 900,000 1,200,000 Liabilities Noncash Assets Percy, capital (40%) May, capital (40%) Anne, capital (20%) Total Liabilities & Capital P 2,750,000 350,000 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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