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What is the book value of the non-cash asset sold

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Question 1: AA, BB, CC and DD are partners sharing profits in the ratio of 3:4:6:8, respectively. Their capital balances on December 31, 2019 are as follows: AA = P3,000; BB = P8,000; CC = P12,000; and DD = P6,000 The partners decide to liquidate their firm and they accordingly convert the non-cash assets into P40,000 cash. After paying liabilities of P10,000, they have P36,000 to divide. What is the book value of the non-cash asset sold?

Reference no: EM132891227

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