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What amount did noncash assets were sold

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On July 1, 2021, X, Y and Z formed a partnership with X as an industrial partner. Y and Z contributed cash of P80,000 and P120,000 respectively. They agree to divide profits in the ratio of 2:5:3 to X, Y and Z respectively. If operations for the year 2021 resulted to a loss of P140,000. How much is the share of Z

XYZ Partnership with partners X, Y, and Z decided to liquidate. At the date of liquidation, the partnership has cash of P150,000 and liabilities of P80,000. The capital balances of the partners are P80,000, P50,000, and P60,000 and divides profits and losses at 20:40:40.

After the sale of noncash assets and payment of liabilities, the capital balances of the partners are P88,000, P66,000, and P76,000 respectively, and the cash remaining were then distributed. At what amount did the noncash assets were sold?

Reference no: EM133239729

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