Show the solution in good accounting form Partners Percy, May and Anne have decided to liquidate their partnerships. The partnershipsStatement of Financial Position reveals the following:AssetsLiabilities and CapitalP 250,0002,500,000CashLiabilitiesP 300,000Noncash AssetsPercy, capital (40%)May, capital (40%)Anne, capital (20%)Total Liabilities & Capital P 2,750,000900,0001,200,000350,000Total AssetsP 2,750,000All partners are personally solvent. Anne received P490,000 in cash in full settlement for her sharein the partnership. What was the selling price for the other assets?

Name: Show the solution in good accounting form Partners Percy, May and Anne
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Description: Show the solution in good accounting form Partners Percy, May and Anne have decided to liquidate their partnerships. The partnershipsStatement of Financial Position reveals the following:AssetsLiabilities and CapitalP 250,0002,500,000CashLiabilitiesP

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Partners Percy, May and Anne have decided to liquidate their partnerships. The partnerships Statement of Financial Position reveals the following: Assets Liabilities and Capital Cash P 250,000 2,500,000 P 300,000 900,000 1,200,000 Liabilities Noncash Assets Percy, capital (40%) May, capital (40%) Anne, capital (20%) Total Liabilities & Capital P 2,750,000 350,000 Total Assets P 2,750,000 All partners are personally solvent. Anne received P490,000 in cash in full settlement for her share in the partnership. What was the selling price for the other assets?

Partners Percy, May and Anne have decided to liquidate their partnerships. The partnerships Statement of Financial Position reveals the following: Assets Liabilities and Capital Cash P 250,000 2,500,000 P 300,000 900,000 1,200,000 Liabilities Noncash Assets Percy, capital (40%) May, capital (40%) Anne, capital (20%) Total Liabilities & Capital P 2,750,000 350,000 Total Assets P 2,750,000 All partners are personally solvent. Anne received P490,000 in cash in full settlement for her share in the partnership. What was the selling price for the other assets?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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