The following are ledger balances of Red White and Blue partnership Cash 60,000 Non Cash Assets 500,000 Accounts Payable (280,000) Red, Capital (150,000) White, Capital (70,000) Blue, Capital (60,000) The partners profit and loss is 40,35 and 25% respectively. The partners agreed to liquidate in installment. If the 1st non cash asset with book value of P300,000 was sold for 250,000 what amount of cash should be distributed to the partners?
The following are ledger balances of Red White and Blue partnership Cash 60,000 Non Cash Assets 500,000 Accounts Payable (280,000) Red, Capital (150,000) White, Capital (70,000) Blue, Capital (60,000) The partners profit and loss is 40,35 and 25% respectively. The partners agreed to liquidate in installment. If the 1st non cash asset with book value of P300,000 was sold for 250,000 what amount of cash should be distributed to the partners?
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Question
The following are ledger balances of Red White and Blue partnership
Cash 60,000
Non Cash Assets 500,000
Accounts Payable (280,000)
Red, Capital (150,000)
White, Capital (70,000)
Blue, Capital (60,000)
The partners
If the 1st non cash asset with book value of P300,000 was sold for 250,000 what amount of cash should be distributed to the partners?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT