The partners Melchor Bombero, Felipe Niza, and Doris Pateño who shared profit and losses in the ratio of 4:2:2, has decided to dissolve and liquidate their partnership.In the process of liquidation, their non-cash assets of P490,000 was realized at a loss of P340,000. however, they were able to pay their obligations to outside creditors of P105,000. the partner’s equity balance before the start of liquidation has totaled to P450,000, broken down as follows: Bombero P180,000; Niza P150,000 Pateño P120,000. At what amount were the non-cash assets realized and how much was the cash balance at the beginning of the liquidation process?

The partners Melchor Bombero, Felipe Niza, and Doris Pateño who shared profit and losses in the ratio of 4:2:2, has decided to dissolve and liquidate their partnership.In the process of liquidation, their non-cash assets of P490,000 was realized at a loss of P340,000. however, they were able to pay their obligations to outside creditors of P105,000. the partner’s equity balance before the start of liquidation has totaled to P450,000, broken down as follows: Bombero P180,000; Niza P150,000 Pateño P120,000. At what amount were the non-cash assets realized and how much was the cash balance at the beginning of the liquidation process?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 38P

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