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, B and C are partners who decided to liquidate their partnership. They share profits and losses 5:3:2, respectively.  Financial Position: Cash 50,000 Other Assets 250,000 Accounts Payable 60,000 A, Capital 80,000 B, Capital 90,000 C, Capital 70,000   The first sale of non-

, B and C are partners who decided to liquidate their partnership. They share profits and losses 5:3:2, respectively.  Financial Position: Cash 50,000 Other Assets 250,000 Accounts Payable 60,000 A, Capital 80,000 B, Capital 90,000 C, Capital 70,000   The first sale of non-

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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A, B and C are partners who decided to liquidate their partnership. They share profits and losses 5:3:2, respectively. 

Financial Position:
Cash 50,000
Other Assets 250,000
Accounts Payable 60,000
A, Capital 80,000
B, Capital 90,000
C, Capital 70,000
 
The first sale of non-cash assets with book value of P150,000. At this time, the partnership paid creditors of P50,000 and liquidation expenses of P5,000. The partnership also withheld P10,000 for possible liquidation expenses. Partner B received P48,000 in the first cash distribution.

 
How much is the proceeds from the sale of non-cash assets? 

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