The following statement of financial position account balances for the partnership of Pierce. Garnett, and Rondo are the following: Cash-P 160.000; Other assets-P320,000Liabilities -P 180,000: Pierce, Capital - P 48,000; Garnett, Capital-P 216,000; Rondo. Capital - P36,000. The partners agree to dissolve the partnership after selling the other assets. If Pierce is to receive a final settlement of P 180.000, how much should be the proceeds from sale of the non-cash assets? assuming that the non-cash assets were sold at a loss of P 70,000, how much would be the total capital of the partners immediately before final distribution of cash? assuming that the non-cash assets were sold for P 120,00, how much would be received by Garnett in the final distribution of cash? Assume that any partner incurring a capital deficiency is insolvent.
The following statement of financial position account balances for the partnership of Pierce. Garnett, and Rondo are the following: Cash-P 160.000; Other assets-P320,000Liabilities -P 180,000: Pierce, Capital - P 48,000; Garnett, Capital-P 216,000; Rondo. Capital - P36,000. The partners agree to dissolve the partnership after selling the other assets. If Pierce is to receive a final settlement of P 180.000, how much should be the proceeds from sale of the non-cash assets? assuming that the non-cash assets were sold at a loss of P 70,000, how much would be the total capital of the partners immediately before final distribution of cash? assuming that the non-cash assets were sold for P 120,00, how much would be received by Garnett in the final distribution of cash? Assume that any partner incurring a capital deficiency is insolvent.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 29P
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The following statement of financial position account balances for the partnership of Pierce. Garnett, and Rondo are the following: Cash-P 160.000; Other assets-P320,000Liabilities -P 180,000: Pierce, Capital - P 48,000; Garnett, Capital-P 216,000; Rondo. Capital - P36,000. The partners agree to dissolve the partnership after selling the other assets. If Pierce is to receive a final settlement of P 180.000, how much should be the proceeds from sale of the non-cash assets?
assuming that the non-cash assets were sold at a loss of P 70,000, how much would be the total capital of the partners immediately before final distribution of cash?
assuming that the non-cash assets were sold for P 120,00, how much would be received by Garnett in the final distribution of cash? Assume that any partner incurring a capital deficiency is insolvent.
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