Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows: Cash            198,000    Accounts payable          149,000  Inventory      80,000     Jade, capital (40%)       79,000  Plant assets 230,000    Kale, capital (40%)       140,000                                       Lilo, capital (20%)       140,000  Total assets 508,000    Total liabilities & equity508,000 Assuming that noncash assets were sold for P250,000 30.How much did Jade receive in the cash settlement?

CONCEPTS IN FED.TAX.,2020-W/ACCESS
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ISBN:9780357110362
Author:Murphy
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Chapter11: Property Dispositions
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Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows:

Cash            198,000    Accounts payable          149,000 
Inventory      80,000     Jade, capital (40%)       79,000 
Plant assets 230,000    Kale, capital (40%)       140,000 
                                     Lilo, capital (20%)       140,000 
Total assets 508,000    Total liabilities & equity508,000

Assuming that noncash assets were sold for P250,000

30.How much did Jade receive in the cash settlement?

 

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