E, M and N are partners of EMN Partnership. They decided to liquidate on March 31, 2020. On this date, they have total non-cash assets of P530,000 and liabilities of P200,000, excluding loan from of N P50,000. They have capital balances of P80,000, P130,000 and P90,000, respectively. Profits and losses are shared 3:3:4 respectively. The partnership incurred liquidation expenses of P5,000. All partners are solvent. If N received P102,000 as a result of the liquidation, ho much is proceeds on sale of non cash assets? *
E, M and N are partners of EMN Partnership. They decided to liquidate on March 31, 2020. On this date, they have total non-cash assets of P530,000 and liabilities of P200,000, excluding loan from of N P50,000. They have capital balances of P80,000, P130,000 and P90,000, respectively. Profits and losses are shared 3:3:4 respectively. The partnership incurred liquidation expenses of P5,000. All partners are solvent. If N received P102,000 as a result of the liquidation, ho much is proceeds on sale of non cash assets? *
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Question
E, M and N are partners of EMN Partnership. They decided to liquidate on March 31, 2020. On this date, they have total non-cash assets of P530,000 and liabilities of P200,000, excluding loan from of N P50,000. They have capital balances of P80,000, P130,000 and P90,000, respectively.
If N received P102,000 as a result of the liquidation, ho much is proceeds on sale of non cash assets? *
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT