Reference no: EM133139394
Question - After a long dispute, AA, BB, and CC decided to liquidate their partnership. Their capital balances as of January 2, 2022 are as follows:
AA, capital (25%) P750,000
BB, capital (40%) 900,000
CC, capital (35%) 560,000
The partnership's total assets on this date include P250,000 cash and a receivable from AA amounting to P50,000 and noncash assets of a certain amount. Total liabilities to outside creditors, immediately before liquidation, are P640,000 and the partnership still owes CC an amount of P20,000. Liquidation expenses of P25,000 were paid during the liquidation proceedings. At the end of liquidation, BB received P575,000.
Required - How much is the carrying amount of the non-cash assets, other than the receivable from AA, immediately before liquidation?
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