King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively. Their capital balances are P500, 000, P300, 000 and P200, 000 respectively. Liabilities amounted to...


King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2<br>respectively. Their capital balances are P500, 000, P300, 000 and P200, 000<br>respectively. Liabilities amounted to P200, 000. There is also a loan payable to Prince,<br>P20, 000.<br>If the cash balance amounted to P300,000. how much is the non-cash assets of the<br>partnership?<br>а. Р950,000<br>b. P1,250.000<br>c. P1,200,000<br>d. P900,000<br>If the non-cash assets were sold at a gain of P150,000. How much is the cash<br>proceeds?<br>a. P1,100.000<br>b. Р800,000<br>c. P1,400,000<br>d. P1,050,000<br>

Extracted text: King, Queen and Prince are partners sharing profit and loss in the ratio of 1:1:2 respectively. Their capital balances are P500, 000, P300, 000 and P200, 000 respectively. Liabilities amounted to P200, 000. There is also a loan payable to Prince, P20, 000. If the cash balance amounted to P300,000. how much is the non-cash assets of the partnership? а. Р950,000 b. P1,250.000 c. P1,200,000 d. P900,000 If the non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a. P1,100.000 b. Р800,000 c. P1,400,000 d. P1,050,000

Jun 09, 2022
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