The partnership balance sheet shows cash of P5,000, non-cash assets of P14,000, and no liabilities. Assuming no liquidation expenses, what safe payment could be made? A. P1,000 to Allen, P2,500 to Branden, and P1,500 to Caylin B. P18,000 to Branden only C. P5,000 to Branden only D. P5,000 split between Branden & Caylin by a ratio of 5/8 and 3/8, respectively.
The partnership balance sheet shows cash of P5,000, non-cash assets of P14,000, and no liabilities. Assuming no liquidation expenses, what safe payment could be made? A. P1,000 to Allen, P2,500 to Branden, and P1,500 to Caylin B. P18,000 to Branden only C. P5,000 to Branden only D. P5,000 split between Branden & Caylin by a ratio of 5/8 and 3/8, respectively.
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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