On August 20, 2030, T, U and V form a partnership investing cash of P105,000; P94,500 and P29,400, respectively. The partners share profits 3:2:2 and on November 30, 2030, they have cash of P7,000, and other assets of P332,500; liabilities are P1 79,200. On this date they decided to go out of business and sell all the assets for P210,000. V has personal assets of P10,500 that may, if necessary be used to meet partnership obligations.What is the amount received by partner U at the end of liquidation?
On August 20, 2030, T, U and V form a partnership investing cash of P105,000; P94,500 and P29,400, respectively. The partners share profits 3:2:2 and on November 30, 2030, they have cash of P7,000, and other assets of P332,500; liabilities are P1 79,200. On this date they decided to go out of business and sell all the assets for P210,000. V has personal assets of P10,500 that may, if necessary be used to meet partnership obligations.What is the amount received by partner U at the end of liquidation?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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On August 20, 2030, T, U and V form a
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