Partners ROSEWELL, CHIM and AVES decided to liquidate their partnership. The partnership’s statement of financial position is shown below. The partners share profits and losses in a 4:4:2 ratio and all partners are personally solvent. AVES received P98,000 in cash in full settlement of his share of the partnership. What was the selling price of the other assets?
Partners ROSEWELL, CHIM and AVES decided to liquidate their partnership. The partnership’s statement of financial position is shown below. The partners share profits and losses in a 4:4:2 ratio and all partners are personally solvent. AVES received P98,000 in cash in full settlement of his share of the partnership. What was the selling price of the other assets?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Partners ROSEWELL, CHIM and AVES decided to liquidate their partnership. The partnership’s statement of financial position is shown below. The partners share profits and losses in a 4:4:2 ratio and all partners are personally solvent. AVES received P98,000 in cash in full settlement of his share of the partnership. What was the selling price of the other assets?
Transcribed Image Text:Cash
P50,000
Liabilities
P60,000
500,000
ROSEWELL, Capital
180,000
Other assets
CHIM, Capital
240,000
AVES, Capital
70,000
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