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    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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    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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    13 views1 page

    Aaa 333

    Uploaded by

    dagohoy kenneth
    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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    of 1

    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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