ABC Co. is undergoing liquidation. The following are the account balances after all the non-cash assets were sold: Cash 50,000 Liabilities 120,000 90,000 A, Capital (30%) B, Capital (30%) (60,000) (100,000) C, Capital (40%) The personal assets and liabilities of the partners are as follows: Personal assets Personal liabilities A 80,000 90,000 B 100,000 61,000 80,000 с 192,000 C wants to make an additional contribution of only $70,000, which A is refuting. If the doctrine of marshaling of assets is followed, how much of A's P90,000 equity would appear to be recoverable?
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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