26. MAR, JOE, and REY, who divide profits and losses 50%, 30%, and 20%, respectively, have the following October 31, 20x7 account balances: Mar, drawing (Dr.) P12,000.00 Rey, drawing (Cr.) 4,800.00 Accounts receivable – Mar 7,200.00 Loans payable – Joe 14,400.00 Mar, capital 59,400.00 Joe, capital 44,400.00 Rey, capital 39,000.00 On this date, the partnership’s assets are P211,200 (including cash of P64,200). The partnership is liquidated and Rey receives P33,000 in final settlement. How much is the total loss on realization? a. P30,000.00 b. P10,800.00 c. P64,200.00 d. P54,000.00 27. Refer to No. 26 above, how much is the realization price of the non-cash assets? a. P201,000.00 b. P 93,000.00 c. P117,000.00 d. P177,000.00
26. MAR, JOE, and REY, who divide
Mar, drawing (Dr.) P12,000.00
Rey, drawing (Cr.) 4,800.00
Loans payable – Joe 14,400.00
Mar, capital 59,400.00
Joe, capital 44,400.00
Rey, capital 39,000.00
On this date, the partnership’s assets are P211,200 (including cash of P64,200). The partnership is liquidated and Rey receives P33,000 in final settlement. How much is the total loss on realization?
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