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The Abrams, Bartle and Creighton partnership began the process of liquidation with the following balance sheet:
Cash P16,000
Noncash assets 434,000
Total P450,000
Liabilities P150,000
Keaton, capital 80,000
Lewis, capital 90,000
Meador, capital 130,000
Problem 1: Abrams, Bartle and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expense are expected to be P12,000, After the liquidation expenses of P12,000 had been paid and the non-cash assets sold, Creighton had a deficit of P8,000. For what amount were the non-cash assets sold?
Option 1: P158,000
Option 2: P170,000
Option 3: P146,000
Option 4: P264,000
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