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Compute for the book value of non-cash assets

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On December 31, 2013, the books of RPN partnership showed capital balances of $90,000, $70,000 and $30,000 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 $110,000 cash and paying all liabilities amounting to $60,000, they still have $70,000 cash left for distribution.

Problem 1. Compute for the book value of non-cash assets.

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

Reference no: EM132806400

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