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How much is the total assets of the partnership

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Reference no: EM132946051

Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows:

Magalang - P2,000;

Matulungin -P50,000;

Masipag - P50,000;

Matapat - P18,000

The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash. After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent.

Problem 1: How much is the total assets of the partnership

a. P126,000
b. P39,600
c. P86,400
d. P16,000

Reference no: EM132946051

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