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Aaa 333

The Perry, Quincy and Renquist partnership had cash of P90,000, non-cash assets of P300,000, total liabilities of P170,000, and capital contributions from Perry (P70,000), Quincy (P50,000) and Renquist (P100,000). Liquidation expenses were expected to be P10,000. For Quincy to receive cash from the liquidation, the minimum amount the non-cash assets would need to be sold for is P210,000.

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25 views1 page

Aaa 333

The Perry, Quincy and Renquist partnership had cash of P90,000, non-cash assets of P300,000, total liabilities of P170,000, and capital contributions from Perry (P70,000), Quincy (P50,000) and Renquist (P100,000). Liquidation expenses were expected to be P10,000. For Quincy to receive cash from the liquidation, the minimum amount the non-cash assets would need to be sold for is P210,000.

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dagohoy kenneth
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18.

The following account balances were available for the Perry, Quincy and Renquist partnership just before it
entered liquidation:

Cash P 90, 000 Liabilities P170, 000


Non-cash assets 300, 000 Perry, capital 70, 000
Quincy, capital 50, 000
_______ Renquist, capital 100, 000
P390, 000 P390, 000

Perry, Quincy and Renquist had shared profits and losses in a ratio of 2:4:4. Liquidation expenses were
expected to be P10, 000. all partners were solvent. What would be the minimum amount for which the non-
cash assets must have been sold for, in order for Quincy to receive some cash from the liquidation?
Any amount in excess of ________

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