On December 31, 2021, the partnership of Anton, Andres and Angelo have the following accounts with their balances: Anton, capital (30%) 297,000 Andres, capital (30%) 222,000 Angelo, capital (40%) 195,000 Loan payable - Anton 72,000 Accounts receivable - Andres 36,000 Loan payable - Angelo 36,000 Because of unsuccessful operation for the last 2 years, the partners decide to liquidate after closing the books on December 31, 2021. On this date, total assets amounted to P1,056,000 including cash of P321,000. During the liquidation process, all the noncash assets were taken by the competitor. Liabilities were settled, liquidation expenses of P25,000 were paid and the balance was distributed to the partners. Ultimately, Angelo received P120,000 in the final settlement.
On December 31, 2021, the partnership of Anton, Andres and Angelo have the following accounts with their balances: Anton, capital (30%) 297,000 Andres, capital (30%) 222,000 Angelo, capital (40%) 195,000 Loan payable - Anton 72,000 Accounts receivable - Andres 36,000 Loan payable - Angelo 36,000 Because of unsuccessful operation for the last 2 years, the partners decide to liquidate after closing the books on December 31, 2021. On this date, total assets amounted to P1,056,000 including cash of P321,000. During the liquidation process, all the noncash assets were taken by the competitor. Liabilities were settled, liquidation expenses of P25,000 were paid and the balance was distributed to the partners. Ultimately, Angelo received P120,000 in the final settlement.
Chapter11: Investor Losses
Section: Chapter Questions
Problem 49P
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Transcribed Image Text:On December 31, 2021, the partnership of Anton, Andres and Angelo have the following accounts
with their balances:
Anton, capital (30%)
297,000
Andres, capital (30%)
222,000
Angelo, capital (40%)
195,000
Loan payable Anton
72,000
Accounts receivable - Andres
36,000
Loan payable - Angelo
36,000
Because of unsuccessful operation for the last 2 years, the partners decide to liquidate after closing
the books on December 31, 2021. On this date, total assets amounted to P1,056,000 including cash
of P321,000. During the liquidation process, all the noncash assets were taken by the competitor.
Liabilities were settled, liquidation expenses of P25,000 were paid and the balance was distributed
to the partners. Ultimately, Angelo received P120,000 in the final settlement.
The amount realized from the sale of noncash assets must be:
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