Lump-Sum Liquidation

Partnership Liquidation & Incorporations RR PARTNERSHIP LIQUIDATION Lumpsum Liquidation Proceeds from sale of noncash assets 1. RR, SS and TT decided to dissolve the partnership on November 30, 2011. Their capital balances and profit ratio on this date, follow: Capital Profit Balances Ratio P50,000 40% SS 60,000 30% TT 20,000 30% The net income from January 1 to November 30, 2011 is P44,000. Also, on this date, cash and liabilities are P40.000 and P90,000, respectively. For RR to receive P55,200 in full settlement of his interest in the firm, how much must be realized from the sale of the firm's non-cash assets? a. 196,000 C. 193,000 b. 177,000 d. 187,000 Dayag 2013