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Compute for the loss on realization from sale of non-cash

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On December 31, 2013, the books of RPN partnership showed capital balances of P90,000, P70,000 and P30,000 to Rafael, Pascal and Nato respectively, partners with profit and loss ratio of 3:2:1. Due to persistent business difficulties, the partners decided to liquidate the business. After realizing all non-cash assets for P110,000 cash and paying all liabilities amounting to P60,000, they still have P70,000 cash left for distribution.

Problem 1: Compute for the book value of noncash assets.

Problem 2: Compute for the loss on realization from the sale of non-cash assets.

Reference no: EM132812812

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