The liabilities and capital balances of the partners before the sale of the assets and payment of liabilities including personal assets and liabilities of the partners were:PartnershipPersonal AssetsPersonal LiabilitiesCashP10,000Liabilities70,000Kath65,000P1,200,000P1,500,000Pau20,0002,500,000· 2,490,000Jas15,0003,000,0003,200,000After the assets were sold the capital balances of the partners where as follows: Kath, P48,000, Pau, P12,000; and Jas, (P10,000).How much is the proceeds from sale of non-cash assets?Select the correct response.O P110,000O P160,000P90,000P100,000< Previous

In case of dissolution of firm all the non cash assets are required to be sold and the proceeds from…

Answered: After the assets were sold the capital…

After the assets were sold the capital balances of the partners where as follows: Kath, P48,000, Pau, P12,000, and Jas, (P10,000). How much is the proceeds from sale of non-cash assets?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If the partnership’s cash is 25,000, the net assets are 250,000 and the total claim of the outsidecreditors is 200,000, the total amount of the noncash assets woud be A. 525,000B. 425,000C. 325,000D. 275,000
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