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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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