Please help and provide solutions. Thanks 1. Mactal, Macadang and Pangan are partners with capital balances of P350,000,P250,000 and P350,000 and sharing profits 30%, 20% and 50%, respectively.Partners agreed to dissolve the business and upon liquidation, all of the partnershipassets are sold and sufficient cash is realized to pay all the claims except one forP50,000. Pangan is personally insolvent, but the other two partners are able tomeet any indebtedness to the firm. On the remaining clainm against the partnership,Mactal is to absorb: 2. Partners Ong, Rodriguez, Pamittan and Reyes who share profits and losses at 30%,30%, 20% and 20%, respectively, decided to liquidate. All partnership assets are tobe converted into cash. Before liquidation, the condensed statement of financialposition follows:P 100,0001,800,000P 750,00060,00050,000CashLiabilitiesOther AssetsRodriguez, LoanReyes, LoanOng, CapitalRodriguez, CapitalPamittan, Capital420,000315,000205,000Reyes, Capital100,000P1,900,000P1,900,000The non-cash assets realized P800,000, resulting to a loss of P1,000,000. All thepartners are solvent, and can contribute any additional cash to cover any deficiency.In the process of liquidation, deficiencies will occur and will require additionalinvestment as follows:

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1. Mactal, Macadang and Pangan are partners with capital balances of P350,000, P250,000 and P350,000 and sharing profits 30%, 20% and 50%, respectively. Partners agreed to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P50,000. Pangan is personally insolvent, but the other two partners are able to meet any indebtedness to the firm. On the remaining claim against the partnership, Mactal is to absorb:

1. Mactal, Macadang and Pangan are partners with capital balances of P350,000, P250,000 and P350,000 and sharing profits 30%, 20% and 50%, respectively. Partners agreed to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P50,000. Pangan is personally insolvent, but the other two partners are able to meet any indebtedness to the firm. On the remaining claim against the partnership, Mactal is to absorb:

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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