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?

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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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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