The following balance sheet accounts for the partnership of A, B and C were taken from the books on December 31, 2021. P 74,000 P 40,000 360,000 100,000 A, Capital (40%) B, Capital (40%) C, Capital (20%) Cash Other Assets 130,000 96,000 Liabilities If the firm is dissolved and liquidates on the basis of a payment priority program and A receives a total of P3,000 in full settlement of his interest, determine the amount received by C.
The following balance sheet accounts for the partnership of A, B and C were taken from the books on December 31, 2021. P 74,000 P 40,000 360,000 100,000 A, Capital (40%) B, Capital (40%) C, Capital (20%) Cash Other Assets 130,000 96,000 Liabilities If the firm is dissolved and liquidates on the basis of a payment priority program and A receives a total of P3,000 in full settlement of his interest, determine the amount received by C.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 2BD
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