Question
Account balances of MAME partnership as of June 30, 2020 are as follows: Cash P30,000 Trade Payables P165,000 Noncash assets 760,000 Mahir, Capital (70%) 350,000
Account balances of MAME partnership as of June 30, 2020 are as follows: Cash P30,000 Trade Payables P165,000 Noncash assets 760,000 Mahir, Capital (70%) 350,000 Mendeley, Capital (30%) 275,000 Total assets P790,000 Total Liabilities and Equities P790,000 Fair value of noncash assets on this date amounted to P735,000. Mohan offered to buy for P760,000 of the partnership's net assets, except cash. How much will Mahir receive as final settlement of his interest in the partnership?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Management and Cost Accounting
Authors: Colin Drury
8th edition
978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887
