A, B and C decided to dissolve their partnership on May 31, 2020. On this date their capital balances and profit sharing percent were as follows: A P150,000 40% B 180,000 30% C 60,000 30% The net income form January 1 to May 31, 2020 was P132,000. Also on May 31, 2020, the partnership cash and liabilities, respectively were P120,000 and P270,000. For A to receive P165,600 in full settlement of his interest in then partnership, how much must be realized from the sale of the partnership's non cash assets?
A, B and C decided to dissolve their partnership on May 31, 2020. On this date their capital balances and profit sharing percent were as follows: A P150,000 40% B 180,000 30% C 60,000 30% The net income form January 1 to May 31, 2020 was P132,000. Also on May 31, 2020, the partnership cash and liabilities, respectively were P120,000 and P270,000. For A to receive P165,600 in full settlement of his interest in then partnership, how much must be realized from the sale of the partnership's non cash assets?
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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100%
A, B and C decided to dissolve their
A P150,000 40%
B 180,000 30%
C 60,000 30%
The net income form January 1 to May 31, 2020 was P132,000. Also on May 31, 2020, the partnership cash and liabilities, respectively were P120,000 and P270,000. For A to receive P165,600 in full settlement of his interest in then partnership, how much must be realized from the sale of the partnership's non cash assets?
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