ABC partnership has assets of cash of P5,000 and equipment worth P80,000. All liabilities have been paid and the partners are all insolvent. The partners' capital accounts are as follows A P40,000, B P30,000, and C 15,000. The partners share profits and losses 4:4:2. If the equipment is sold for P50,000, how much cash will C receive in the final settlement?

ABC partnership has assets of cash of P5,000 and equipment worth P80,000. All liabilities have been paid and the partners are all insolvent. The partners' capital accounts are as follows A P40,000, B P30,000, and C 15,000. The partners share profits and losses 4:4:2. If the equipment is sold for P50,000, how much cash will C receive in the final settlement?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 57P

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