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ups and oOwns

ups and oOwns

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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PARTNERSHIP LIQUIDATION Despite being together through ups and downs, partners Eren, Mikasa, and Armin have decided to liquidate their partnership because of the rumbling that Eren started. The partnership's balance sheet revealed the following: Cash Other Assets 50,000 500,000 Liabilities Eren, capital Mikasa, capital Armin, capital 60,000 180,000 240,000 70,000 550,000 550,000 The partners share profits and losses in a 4:4:2 ratio and all partners are personally solvent Armin received P98,000 in cash in full settlement for his share of the partnership. What is selling price for the other assets?
Transcribed Image Text:PARTNERSHIP LIQUIDATION Despite being together through ups and downs, partners Eren, Mikasa, and Armin have decided to liquidate their partnership because of the rumbling that Eren started. The partnership's balance sheet revealed the following: Cash Other Assets 50,000 500,000 Liabilities Eren, capital Mikasa, capital Armin, capital 60,000 180,000 240,000 70,000 550,000 550,000 The partners share profits and losses in a 4:4:2 ratio and all partners are personally solvent Armin received P98,000 in cash in full settlement for his share of the partnership. What is selling price for the other assets?
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