Ruggles, Stanton and Tracy are partners, having capitals of P321,742, P419,078, and P276,350, respectively. They share earnings as follows: Ruggles, 35%; Stanton, 45%; and Tracy, 20% They sell their assets for a lumpsum of P1,400,000, which increases the firm's cash to P1,500,000 of the gain made. P240,000 was on a patent which had been developed principally by Tracy, and it was agreed that he should have half of such gain before the remaining gain was divided among the three partners. How much Tracy recovered from the partnership liquidation?
Ruggles, Stanton and Tracy are partners, having capitals of P321,742, P419,078, and P276,350, respectively. They share earnings as follows: Ruggles, 35%; Stanton, 45%; and Tracy, 20% They sell their assets for a lumpsum of P1,400,000, which increases the firm's cash to P1,500,000 of the gain made. P240,000 was on a patent which had been developed principally by Tracy, and it was agreed that he should have half of such gain before the remaining gain was divided among the three partners. How much Tracy recovered from the partnership liquidation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ruggles, Stanton and Tracy are partners, having capitals of P321,742, P419,078, and P276,350, respectively. They share earnings as follows: Ruggles, 35%; Stanton, 45%; and Tracy, 20% They sell their assets for a lumpsum of P1,400,000, which increases the firm's cash to P1,500,000 of the gain made. P240,000 was on a patent which had been developed principally by Tracy, and it was agreed that he should have half of such gain before the remaining gain was divided among the three partners. How much Tracy recovered from the partnership liquidation?
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