Partners Percy, May and Anne have decided to liquidate their partnerships. The partnerships Statement of Financial Position reveals the following: Assets Liabilities and Capital P 250,000 P 300,000...

Partners Percy, May and Anne have decided to liquidate their partnerships. The partnerships<br>Statement of Financial Position reveals the following:<br>Assets<br>Liabilities and Capital<br>P 250,000<br>P 300,000<br>900,000<br>1,200,000<br>Cash<br>Liabilities<br>Noncash Assets<br>Percy, capital (40%)<br>May, capital (40%)<br>Anne, capital (20%)<br>Total Liabilities & Capital P 2,750,000<br>2,500,000<br>350,000<br>Total Assets<br>P 2,750,000<br>All partners are personally solvent. Anne received P490,000 in cash in full settlement for her share<br>in the partnership. What was the selling price for the other assets?<br>

Extracted text: Partners Percy, May and Anne have decided to liquidate their partnerships. The partnerships Statement of Financial Position reveals the following: Assets Liabilities and Capital P 250,000 P 300,000 900,000 1,200,000 Cash Liabilities Noncash Assets Percy, capital (40%) May, capital (40%) Anne, capital (20%) Total Liabilities & Capital P 2,750,000 2,500,000 350,000 Total Assets P 2,750,000 All partners are personally solvent. Anne received P490,000 in cash in full settlement for her share in the partnership. What was the selling price for the other assets?

Jun 11, 2022

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Partners Percy, May and Anne have decided to liquidate their partnerships. The partnerships Statement of Financial Position reveals the following: Assets Liabilities and Capital P 250,000 P 300,000...

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