What amount would the remaining assets have to be sold

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Reference no: EM132659125

Jose, Francisco and Kaypee engaged in a food processing business had the following condensed financial position prior to liquidation:

Assets                                              Liabilities and Capital

Cash P 120,000    Liabilities P350,000
Noncash assets 1,800,000    Loan payable to Jose 150,000
                                     Jose, capital (50%) 450,000
                                   Francisco, capital (30%) 700,000
                              Kaypee, Capital (20%) 270,000
Total P1,920,000                  Total P1,920,000

Assuming assets with a book value of P700,000 were sold for P500,000 and that all available cash was distributed.

Problem 1. For what amount would the remaining assets have to be sold in order for Partner Francisco to receive a total of P790,000 cash after liquidation?

Reference no: EM132659125

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