RR, SS, and TT decided to dissolve the partnership on November 30, 2015. Their capitalbalances and profit ratio on this date, follow:Capital Bal.P & LRRP 50,00040%60,00020,00030%TT30%The net income from January 1 to November 30, 2015 is P 44,000. Also, on this date,cash and liabilities are P 40,000 and P 90,000 respectively. For RR to receive P 55,200 infull settlement of his interest in the firm, how much must be realized from the sale of thefirm's non-cash assets?а. Р 196,000b. Р 177,000P 193,000d. P 187,000

The sharing of profit and loss in accordance with the profit and loss sharing ratio.it completely…

Answered: balances and profit ratio on this date,…

Business

Accounting

balances and profit ratio on this date, follow Capital Bal. P 50,000 60,000 20,000 RR TT

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 4BCRQ

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Question

RR, SS, and TT decided to dissolve the partnership on November 30, 2015. Their capital
balances and profit ratio on this date, follow:
Capital Bal.
P & L
RR
P 50,000
40%
60,000
20,000
30%
TT
30%
The net income from January 1 to November 30, 2015 is P 44,000. Also, on this date,
cash and liabilities are P 40,000 and P 90,000 respectively. For RR to receive P 55,200 in
full settlement of his interest in the firm, how much must be realized from the sale of the
firm's non-cash assets?
а. Р 196,000
b. Р 177,000
P 193,000
d. P 187,000

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