Partners AAA, BBB and CCC decided to liquidate their partnership. The partnership’s statement of financial position reveals the following: Cash P50,000 Liabilities P60,000 Other assets 500,000 AAA, Capital 180,000 BBB, Capital 240,000 CCC, Capital 70,000 The partners share profits and losses in a 4:4:2 ratio and all partners are personally solvent. CCC received P98,000 in cash in full settlement of his share of the partnership. What was the selling price of the other assets?
Partners AAA, BBB and CCC decided to liquidate their partnership. The partnership’s statement of financial position reveals the following: Cash P50,000 Liabilities P60,000 Other assets 500,000 AAA, Capital 180,000 BBB, Capital 240,000 CCC, Capital 70,000 The partners share profits and losses in a 4:4:2 ratio and all partners are personally solvent. CCC received P98,000 in cash in full settlement of his share of the partnership. What was the selling price of the other assets?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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Partners AAA, BBB and CCC decided to liquidate their partnership. The partnership’s
Cash P50,000 Liabilities P60,000
Other assets 500,000 AAA, Capital 180,000
BBB, Capital 240,000
CCC, Capital 70,000
The partners share
CCC received P98,000 in cash in full settlement of his share of the partnership.
What was the selling price of the other assets?
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