Problem2. A, B, C Partnership began the process of liquidation with the following balance sheet:AssetsLiabilities and CapitalCashP 16,000LiabilitiesP 150,000Non-cash assetsA, Capital (30%)B, Capital (20%)C, Capital (50%)434,00080,00090,000130,000TotalP 450,000P 450,000Liquidation expenses are expected to be P12,000. After the liquidation expenses of P12,000 had beenpaid and the non-cash assets are sold, C had a deficit of P8,000. For what amount were the non-cashassets sold?

Total realisation loss (deficit ) = P8,00050% = P16,000 A's share of realisation loss (deficit ) =…

Answered: Problem2. A, B, C Partnership began the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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