TOM, UMI, and VIC decided to liquidate their partnership on May 31, 20x7. On this date, their capital balances and profit – sharing percents were as follows: Tom P50,000.00 40% Umi 60,000.00 30% Vic 20,000.00 30% On May 31, 20x7, the partnership’s cash and liabilities, respectively, were P40,000.00 and P90,000.00. For Tom to receive P45,200.00 in full settlement of his interest in the partnership, how much must be realized from the sale of the partnership’s non – cash assets?
TOM, UMI, and VIC decided to liquidate their partnership on May 31, 20x7. On this date, their capital balances and profit – sharing percents were as follows: Tom P50,000.00 40% Umi 60,000.00 30% Vic 20,000.00 30% On May 31, 20x7, the partnership’s cash and liabilities, respectively, were P40,000.00 and P90,000.00. For Tom to receive P45,200.00 in full settlement of his interest in the partnership, how much must be realized from the sale of the partnership’s non – cash assets?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 14MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...
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TOM, UMI, and VIC decided to liquidate their partnership on May 31, 20x7. On this date, their capital balances and profit – sharing percents were as follows:
Tom P50,000.00 40%
Umi 60,000.00 30%
Vic 20,000.00 30%
On May 31, 20x7, the partnership’s cash and liabilities, respectively, were P40,000.00 and P90,000.00.
For Tom to receive P45,200.00 in full settlement of his interest in the partnership, how much must be realized from the sale of the partnership’s non – cash assets?
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