How much was the carrying amount of the non-cash assets? A. 1,240,000 B. 1,360,000 C. 920,000 D. 1,420,000 How much was the net proceeds from the sale of non-cash assets? A. 680,000 B. 760,000 C. 1,720,000 D. 1,480,00 How much did A receive from the settlement of his capital balance? A. 608,000 B. 0 C. 806,000 D. 112,000
How much was the carrying amount of the non-cash assets? A. 1,240,000 B. 1,360,000 C. 920,000 D. 1,420,000 How much was the net proceeds from the sale of non-cash assets? A. 680,000 B. 760,000 C. 1,720,000 D. 1,480,00 How much did A receive from the settlement of his capital balance? A. 608,000 B. 0 C. 806,000 D. 112,000
Chapter11: Investor Losses
Section: Chapter Questions
Problem 49P
Related questions
Question
How much was the carrying amount of the non-cash assets?
A. 1,240,000
B. 1,360,000
C. 920,000
D. 1,420,000
How much was the net proceeds from the sale of non-cash assets?
A. 680,000
B. 760,000
C. 1,720,000
D. 1,480,00
How much did A receive from the settlement of his capital balance?
A. 608,000
B. 0
C. 806,000
D. 112,000
Transcribed Image Text:On January 1, 20xl, A and B decided to liquidate their partnership. As of this date, their capital
balances were P400,000 and PS00,000, respectively. The partners share in profits and losses on a 60:40
ratio. Before liquidation, the partnership had P80,000 cash and P120,000 liabilities. The partnership
incurred loss of ?480,000 on the sale of non-cash assets. A is solvent but B is insolvent.
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