Lorna, Aida, and Fe decided to liquidate their partnership on August 2pm 31, 2020. They have been dividing profits and losses in the ratio of 4:3:3, respectively and their capital balances as of January 1, 2020 were as follows: Lorna - P 75,000; Aida - P 90,000; Fe - P 30,000. The operations of the partnership for the period January 1, 2020 to August 31. 2020 resulted to net income of P 66,000. As of August 31, 2020, cash balance is P 60,000 and the liabilities are P 135,000. The total partnership assets as of August 31, 2020 are? for Lorna to receive P 60.000 in the final settlement of her equity, the noncash assets must be sold for how
Lorna, Aida, and Fe decided to liquidate their partnership on August 2pm 31, 2020. They have been dividing profits and losses in the ratio of 4:3:3, respectively and their capital balances as of January 1, 2020 were as follows: Lorna - P 75,000; Aida - P 90,000; Fe - P 30,000. The operations of the partnership for the period January 1, 2020 to August 31. 2020 resulted to net income of P 66,000. As of August 31, 2020, cash balance is P 60,000 and the liabilities are P 135,000. The total partnership assets as of August 31, 2020 are? for Lorna to receive P 60.000 in the final settlement of her equity, the noncash assets must be sold for how
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 42P
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Lorna, Aida, and Fe decided to liquidate their partnership on August 2pm 31, 2020. They have been dividing profits and losses in the ratio of 4:3:3, respectively and their capital balances as of January 1, 2020 were as follows: Lorna - P 75,000; Aida - P 90,000; Fe - P 30,000. The operations of the partnership for the period January 1, 2020 to August 31. 2020 resulted to net income of P 66,000. As of August 31, 2020, cash balance is P 60,000 and the liabilities are P 135,000. The total partnership assets as of August 31, 2020 are?
for Lorna to receive P 60.000 in the final settlement of her equity, the noncash assets must be sold for how
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