On December 31, 2020, the statement of fi ollowing data with profit or loss sharing ra Cash P15,000,000 Dther non-cash asset 40,000,000 Liabilities to others P20,000,000
On December 31, 2020, the statement of fi ollowing data with profit or loss sharing ra Cash P15,000,000 Dther non-cash asset 40,000,000 Liabilities to others P20,000,000
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 39P
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44
Transcribed Image Text:On December 31, 2020, the statement of financial position of UFC Partnership shows the
following data with profit or loss sharing ratio of 2:3:5:
Cash
P15,000,000
Other non-cash asset
40,000,000
Liabilities to others
P20,000,000
U, Capital
15,000,000
F, Сapital
12,500,000
С. Саpital
7,500,000
On January 1, 2021, the partners decided to wind up the partnership affairs. During the
winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with
book value of P30,000,000 were sold during January. 40% of total liabilities were also paid
during January. P3,000,000 cash was withheld during January for future liquidation expenses.
On January 31, 2021, partner U received P10,000,000.
What is the net proceeds from the sale of non-cash assets during January 2021? * .
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