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Problem 3: After a long dispute, Chris, Ann and Nine decided to liquidate their partnership. Their total interests as of January 1, 2014 are: Chris (25%) P375,000; Ann (40%) P450,000; Nine (35%) P280,000. Partnership's total assets on this date include P125,000 cash, a receivable from Chris amounting to P25,000, and noncash assets of a certain amount. Total liabilities to outside creditors are P320,000 and the partnership still owes Nine an amount of P20,000. At the end of the liquidation, Ann received P75,000. How much were the noncash assets sold for? А. Р362,500 В. Р312,500 C. P405,625 D. P410,625

Problem 3: After a long dispute, Chris, Ann and Nine decided to liquidate their partnership. Their total interests as of January 1, 2014 are: Chris (25%) P375,000; Ann (40%) P450,000; Nine (35%) P280,000. Partnership's total assets on this date include P125,000 cash, a receivable from Chris amounting to P25,000, and noncash assets of a certain amount. Total liabilities to outside creditors are P320,000 and the partnership still owes Nine an amount of P20,000. At the end of the liquidation, Ann received P75,000. How much were the noncash assets sold for? А. Р362,500 В. Р312,500 C. P405,625 D. P410,625

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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Problem 3: After a long dispute, Chris, Ann and Nine decided to liquidate their partnership. Their total interests as of January 1, 2014 are: Chris (25%) P375,000; Ann (40%) P450,000; Nine (35%) P280,000. Partnership's total assets on this date include P125,000 cash, a receivable from Chris amounting to P25,000, and noncash assets of a certain amount. Total liabilities to outside creditors are P320,000 and the partnership still owes Nine an amount of P20,000. At the end of the liquidation, Ann received P75,000. How much were the noncash assets sold for? А. Р362,500 В. Р312,500 C. P405,625 D. P410,625
Transcribed Image Text:Problem 3: After a long dispute, Chris, Ann and Nine decided to liquidate their partnership. Their total interests as of January 1, 2014 are: Chris (25%) P375,000; Ann (40%) P450,000; Nine (35%) P280,000. Partnership's total assets on this date include P125,000 cash, a receivable from Chris amounting to P25,000, and noncash assets of a certain amount. Total liabilities to outside creditors are P320,000 and the partnership still owes Nine an amount of P20,000. At the end of the liquidation, Ann received P75,000. How much were the noncash assets sold for? А. Р362,500 В. Р312,500 C. P405,625 D. P410,625
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