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198,000       Accounts payable          149,000  Inventory    80,000       Jade, capital (40%)       79,000  Plant assets 230,000   Kale, capital (40%)       140,000                                       Lilo, capital (20%)       140,000  Total assets 508,000    Total liabilities & equity508,000 Assuming that noncash assets were sold for P250,00

198,000       Accounts payable          149,000  Inventory    80,000       Jade, capital (40%)       79,000  Plant assets 230,000   Kale, capital (40%)       140,000                                       Lilo, capital (20%)       140,000  Total assets 508,000    Total liabilities & equity508,000 Assuming that noncash assets were sold for P250,00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows:

Cash         198,000       Accounts payable          149,000 
Inventory    80,000       Jade, capital (40%)       79,000 
Plant assets 230,000   Kale, capital (40%)       140,000 
                                     Lilo, capital (20%)       140,000 
Total assets 508,000    Total liabilities & equity508,000

Assuming that noncash assets were sold for P250,000

31.How much did Kale receive in the cash settlement?

 

 

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