The partnership of C, A, and G named BREAKEVEN decided to liquidate their partnership on May 31, 2021. Before liquidating and sharing of na income, their capital balances are as follows: C (30%) P250,000, A (30% P180,000, and G (40%) P220,000. Net income from January 1 to May 31 is P120,000. Liabilities of the partnership amounted to P210,000 and its total assets include cash amounting to P70,000. A. Unsettled liabilities are P110,000. C invested additional cash enough to settle their partnership's indebtedness. A is personally solvent, G personally insolvent, and C becomes insolvent after investing the cash needed by the partnership. 30,ov0 1. How much were the proceeds from the sale of the partnership's non-cash assets? 90,000 2. How much cash will A invest in the partnership? 90,0w 3. How much will C receive as a result of their liquidation?

The partnership of C, A, and G named BREAKEVEN decided to liquidate their partnership on May 31, 2021. Before liquidating and sharing of na income, their capital balances are as follows: C (30%) P250,000, A (30% P180,000, and G (40%) P220,000. Net income from January 1 to May 31 is P120,000. Liabilities of the partnership amounted to P210,000 and its total assets include cash amounting to P70,000. A. Unsettled liabilities are P110,000. C invested additional cash enough to settle their partnership's indebtedness. A is personally solvent, G personally insolvent, and C becomes insolvent after investing the cash needed by the partnership. 30,ov0 1. How much were the proceeds from the sale of the partnership's non-cash assets? 90,000 2. How much cash will A invest in the partnership? 90,0w 3. How much will C receive as a result of their 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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