9. Before the realization of non-cash assets, the partnership has a zero balance in its cash account and a P200,000 balance in its liabilities. If Jack received P261,000 on the final settlement of the partners' claims, how much were the net proceeds from the sale of the non-cash assets? a. 560,000 b. 360,000 c. 290,000 d. 0
9. Before the realization of non-cash assets, the partnership has a zero balance in its cash account and a P200,000 balance in its liabilities. If Jack received P261,000 on the final settlement of the partners' claims, how much were the net proceeds from the sale of the non-cash assets? a. 560,000 b. 360,000 c. 290,000 d. 0
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 5MC: Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current...
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I got 540,000 as my answer but it is not included in the choices. Pls help in order for me to review it also. Thank you
Transcribed Image Text:9. Before the realization of non-cash assets, the partnership has a
zero balance in its cash account and a P200,000 balance in its
liabilities. If Jack received P261,000 on the final settlement of
the partners' claims, how much were the net proceeds from
the sale of the non-cash assets?
a. 560,000
b. 360,000
c. 290,000
d. 0
Transcribed Image Text:Jack and Beans, who share in profits and losses in the ratio of 3:7,
decided to liquidate their Talk Partnership. The partners' capital
balances were P300,000 and P190,000, respectively.
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