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What was the book/carrying value of the noncash assets sold in January? JO, Lee and Bee are partners who share profits and losses in the
What was the book/carrying value of the noncash assets sold in January?
JO, Lee and Bee are partners who share profits and losses in the ratio of 35:25:40 to Jo, Lee and Bee respectively. The statement of Financial Position of the partnership on December 31, 2017 is as follows: ASSETS LIABILITIES AND CAPITAL Cash P8,000 Liabilities P18,000 Noncash assets 110,000 Loan from Lee 2,000 Jo, Capital 32,700 Lee, Capital 23,500 Bee, Capital 41,800 On January 1, 2018, the partners decided to liquidate. For the month of January, some assets were sold for a loss of P2,000. Liabilities of P15,000 were paid. Payment to Partners JO, Lee and Bee from the initial sale of assets were P150, P2,250 and 54,600 respectively. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P1,250Step by Step Solution
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