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Compute the loss on realization of the non-cash assets

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Question - As of July 1, 2011, Simon, Orenda and Solomon, partners sharing profits and loss 3:2:1 have capital balances of P40,000, P 25,000 and P 5,000, respectively. The partners decided to dissolve and liquidate. After realizing P 37,000 cash from all non-cash assets and paying all liabilities amounting to P 12,000, there is still P56,000 cash left for distribution. Compute the loss on realization of the non-cash assets?

A. P14,000

B. P28,000

C. P40,000

D. P42,000

E. None of the above

Reference no: EM132803918

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