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The following are ledger balances of Red White and Blue partnership Cash 60,000 Non Cash Assets 500,000 Accounts Payable (280,000) Red, Capital (150,000) White, Capital (70,000) Blue, Capital (60,000)   The partners profit and loss is 40,35 and 25% respectively. The partners agreed to liquidate in installment. If the 1st non cash asset with book value of P300,000 was sold for 250,000 what amount of cash should be distributed to the partners?

The following are ledger balances of Red White and Blue partnership Cash 60,000 Non Cash Assets 500,000 Accounts Payable (280,000) Red, Capital (150,000) White, Capital (70,000) Blue, Capital (60,000)   The partners profit and loss is 40,35 and 25% respectively. The partners agreed to liquidate in installment. If the 1st non cash asset with book value of P300,000 was sold for 250,000 what amount of cash should be distributed to the partners?

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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The following are ledger balances of Red White and Blue partnership

Cash 60,000

Non Cash Assets 500,000

Accounts Payable (280,000)

Red, Capital (150,000)

White, Capital (70,000)

Blue, Capital (60,000)

 

The partners profit and loss is 40,35 and 25% respectively. The partners agreed to liquidate in installment.

If the 1st non cash asset with book value of P300,000 was sold for 250,000 what amount of cash should be distributed to the partners?

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