The NPC Partnership has suffered financially due to poor results of operations for the past three years. N, P and C share profits and losses in the ratio of 1:3:6 respectively. The following is the condensed balance sheet as of March 31, 2012: Cash P 270,000 Liabilities P1,310,000 Non-cash assets 2,020,000 N, Capital 210,000 P, Capital 390,000 C, Capital 380,000 Total assets P2,290,000 Total Liabilities and Capital P2,290,000 All the non-cash assets were sold for P1,820,000. How much should each partner receive upon liquidation?

The NPC Partnership has suffered financially due to poor results of operations for the past three years. N, P and C share profits and losses in the ratio of 1:3:6 respectively. The following is the condensed balance sheet as of March 31, 2012: Cash P 270,000 Liabilities P1,310,000 Non-cash assets 2,020,000 N, Capital 210,000 P, Capital 390,000 C, Capital 380,000 Total assets P2,290,000 Total Liabilities and Capital P2,290,000 All the non-cash assets were sold for P1,820,000. How much should each partner receive upon liquidation?

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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