Bong, Dong, and Tong are business partners sharing profits and losses 55%, 15%, and 30%, respectively. The company is facing cash flow problems so the partners decided to liquidate. When liquidation commenced, Bong, Dong, and Tong had capital balances amounting to P108,000, P62,000, and P56,000, respectively. Non-cash assets with cost and accumulated depreciation of P390,000 and P140,000, respectively, were sold for P180,000, while liabilities amounting to P112,000 were settled. What was Bong's capital account balance immediately before cash distribution?

Bong, Dong, and Tong are business partners sharing profits and losses 55%, 15%, and 30%, respectively. The company is facing cash flow problems so the partners decided to liquidate. When liquidation commenced, Bong, Dong, and Tong had capital balances amounting to P108,000, P62,000, and P56,000, respectively. Non-cash assets with cost and accumulated depreciation of P390,000 and P140,000, respectively, were sold for P180,000, while liabilities amounting to P112,000 were settled. What was Bong's capital account balance immediately before cash distribution?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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