On January 1, 2018, RRR Partnership entered into liquidation. The partners’ capital balances on this date were as follows: Rowena (25%) P2,500,000; Roxanne (35%) P5,400,000; and Rodora (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000 including a loan from Roxanne in the amount of P600,000. Cash on hand prior to the liquidation process is P800,000. Roxanne received P2,255,000 in full settlement of his interest. How much was the loss from the realization of noncash assets? 5,255,000 9,945,000 10,525,000 10,700,000

On January 1, 2018, RRR Partnership entered into liquidation. The partners’ capital balances on this date were as follows: Rowena (25%) P2,500,000; Roxanne (35%) P5,400,000; and Rodora (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000 including a loan from Roxanne in the amount of P600,000. Cash on hand prior to the liquidation process is P800,000. Roxanne received P2,255,000 in full settlement of his interest. How much was the loss from the realization of noncash assets? 5,255,000 9,945,000 10,525,000 10,700,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter11: Investor Losses

Section: Chapter Questions

Problem 49P

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