What was the book value or carrying value of the non-cash

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Reference no: EM132659119

Peter, Senen and Ethel are partners who share profits and losses as follows: Peter 35%, Senen 25% and Ethel 40%. The Statement of Financial Position for the partnership as of December 31, 2020 is given below:

Peter, Senen and Ethel Partnership
Statement of Financial Position
As of December 31, 2020

Cash 40,000                       Liabilities 90,000
Non_cash 550,000    Loan from Senen 10,000
                                  Peter, Capital 163,500
                               Senen, Capital 117,500
                                 Ethel, Capital 209,000
Total 590,000 Total 590,000

On January 1, 2021, the parters decided to liquidate. For the month of January, some assets were sold for a loss of P10,000. Payment to partners Peter, Senen, and Ethel from the initial sale of assets were P750, P11,250 and P23,000 respectively. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P6,290.

Question 1. What was the book value/carrying value of the non-cash?

Reference no: EM132659119

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