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 non-cash assets were sold at a gain of P150,000. How much is the cash proceeds?
a.P1,100,000 c. P1,400,000
b.P800,000 d. P1,050,000
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. Ifthe non-cash assets were sold at a gain of P150,000. How much is the cash proceeds? a. P1,100.000 b. P800,000 c. P1,400,000 d. P1,050,000