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4. Mactal, Macadang and Pangan a partners with capital balances of P350,000, P250,000 and P350,00 and sharing profits 30%, 20% and 50%, respectively. Partners agreed dissolve the business and upon iquidation, all of the partnership assets are sold and sufficient cash realized to pay all the claims excep one for P50 .000 Pangan is nerson

4. Mactal, Macadang and Pangan a partners with capital balances of P350,000, P250,000 and P350,00 and sharing profits 30%, 20% and 50%, respectively. Partners agreed dissolve the business and upon iquidation, all of the partnership assets are sold and sufficient cash realized to pay all the claims excep one for P50 .000 Pangan is nerson

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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4. 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 aborb: * O P15,000 O P30,000 O P25,000 O P40,000
Transcribed Image Text:4. 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 aborb: * O P15,000 O P30,000 O P25,000 O P40,000
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