The Al, Joyce and Rich partnership’s condensed financial position prior to liquidation of the partnership reflected the following balances: Assets Liabilities and Capital Cash P24,000 Liabilities P70,000 Noncash assets 360,000 Loan payable to Al 30,000 Al, Capital (50) 90,000 Joyce, Capital (30) 140,000 Rich, Capital (20) 54,000 Assuming assets with a book value of P140,000 were sold for P100,000 and that all available cash was distributed, what amount should the remaining assets be sold in order for Joyce to receive a total of P158,000 cash after liquidation? A. 374,000 C. 320,000 B. 350,000 D. 296,000
The Al, Joyce and Rich partnership’s condensed financial position prior to
liquidation of the partnership reflected the following balances:
Assets Liabilities and Capital
Cash P24,000 Liabilities P70,000
Noncash assets 360,000 Loan payable to Al 30,000
Al, Capital (50) 90,000
Joyce, Capital (30) 140,000
Rich, Capital (20) 54,000
Assuming assets with a book value of P140,000 were sold for P100,000 and that all available cash was distributed, what amount should the remaining assets be sold in order for Joyce to receive a total of P158,000 cash after
liquidation?
A. 374,000 C. 320,000
B. 350,000 D. 296,000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
