Cloe, Doe and Lida are partners with capital balances on December 31, 2021 of P300,000, P300,000 and P200,000 respectively.  Profits are shared equally.  Lida wishes to withdraw and it is agreed that she is to take certain furniture and fixtures with second hand value of  P50,000 which are carried on the books at P65,000.  Brand new, the furniture and fixtures may cost, P80,000.  How much is the value of the note that Lida will get from the partnership’s liquidation?

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
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Cloe, Doe and Lida are partners with capital balances on December 31, 2021 of P300,000, P300,000 and P200,000 respectively.  Profits are shared equally.  Lida wishes to withdraw and it is agreed that she is to take certain furniture and fixtures with second hand value of  P50,000 which are carried on the books at P65,000.  Brand new, the furniture and fixtures may cost, P80,000.  How much is the value of the note that Lida will get from the partnership’s liquidation?

 

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