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How much is the book value of the noncash assets sold

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Reference no: EM132635702

Question - LIQUIDATION

Due to financial difficulty, partners G, H, and I decided to liquidate. The following balances are before liquidation: Capital balances of G, H, and I are 10,000, 25,000 and 20,000 respectively; Loan from G is 25,000; Cash 25,000; Profit and Loss ratio 30:35:35 respectively.

Partner H received 10,650 upon liquidation and the share of the liquidation expenses of partner G is 1,800. Meanwhile the cash available after realizing the non-cash asset and paying liquidation expenses is 69,000.

1. What is the amount received by Partner G?

a. 5,650

b. 0

c. 22,700

d. 39,000

2. What is the amount received by all partners?

a. 25,000

b. 39,000

c. 44,000

d. 69,000

3. How much is paid to outside creditors?

a. 35,000

b. 45,000

c. 30,000

d. 40,000

4. How much is the proceeds from sale of the noncash assets?

a. 44,000

b. 50,000

c. 69,000

d. 41,000

5. How much is the book value of the noncash assets sold?

a. 85,000

b. 80,000

c. 86,000

d. 85,500

Reference no: EM132635702

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