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Find how much was loss from realization of noncash asset

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Reference no: EM132733650

On January 1, 2020, Bankruptcy Partnership entered liquidation. The partner's balances on this date are as follows:

Anno (25%) P125,000

Caring (35%) P270,000

Janang (40%) P185,000

The partnership has liabilities amounting to P220,000, including a loan from Caring P30,000. Cash on hand before the start of liquidation is P40,000

Problem 1: Assume that if Caring received P112,750, how much was the loss from the realization of the noncash assets?

Group of answer choices

a. P535,000

b. P526,250

c. P497,250

d. P262,750

Reference no: EM132733650

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