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What is the book value of noncash assets

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Reference no: EM132790735

Problem 1: Rej, Orland, Caloy and Karl, partners sharing 3:4:6:8 have capital balances of P1,000, P 25,000, P 25,000 and P 9,000 respectively prior to liquidation. The partners decided to liquidate the partnership and after converting noncash assets into P 23,200 and paying liabilities of P 3,000, they still have P 22,200 to divide. What is the book value of noncash assets?

a. P25,200

b. P45,400

c. P61,000

d. P63,000

e. None of the above

Reference no: EM132790735

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