Answered: Victory Worship Partnership has the…

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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Question

Victory Worship Partnership has the following account balances before liquidation (see attached photo):

During December, some non-cash assets were sold for a loss of P1,845. Liquidation expenses of P7,000 were paid and additional expenses amounting to P3,600 were expected to be incurred through the following months of liquidating the partnership. Liabilities to outsiders amounting to P35,000 were paid.

What is the book value of non-cash assets sold for Co to receive P22,222?

A. 83,355

B. 85,200

C. 95,000

D. 93,155

Cash
P14,000 Liabilities
P45,000
295,000 Loan from Ang
6,000 Dy, Capital (40%)
800 Co, Capital (40%)
89,200 Ang, Capital (20%)
Revenues
Non-cash assets
2,000
50,000
Loan to Co
Receivable from Dy
Expenses
76,000
40,000
192,000

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