A. Partners Red, White and Blue decided to liquidate their partnership. Their Statement of Financial Po shows the following: Assets Liabilities and Equity Cash P 500,000 Liabilities P 300,000 Noncash Assets Red, Capital (30%) White, Capital (40%) Blue, Capital (30%) Total Liabilities & Capital 3,000,000 1,100,000 1,350,000 750,000 P 3,500,000 Total Assets P3,500,000 Red received P 800,000 cash in full settlement of his share in the partnership after payment of liquidation expenses of P 425,000.
A. Partners Red, White and Blue decided to liquidate their partnership. Their Statement of Financial Po shows the following: Assets Liabilities and Equity Cash P 500,000 Liabilities P 300,000 Noncash Assets Red, Capital (30%) White, Capital (40%) Blue, Capital (30%) Total Liabilities & Capital 3,000,000 1,100,000 1,350,000 750,000 P 3,500,000 Total Assets P3,500,000 Red received P 800,000 cash in full settlement of his share in the partnership after payment of liquidation expenses of P 425,000.
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 59P
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How much did Blue receive from the liquidation?
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