C and D are partners with capital balances of P98,OOO and P62,OOO respectively. They share profits and losses in the ratio of 3:2, respectively. The partners decided to liquidate the partnership. The firm's liabilities amount to P144,000, including P16,000 owing to C and P14,000 owing to D. After realization of assets, the cash on hand amounted to P 150,000. 5. How much was the loss on realization? 6. How much should C and D receive in final settlement of their respective interest?
C and D are partners with capital balances of P98,OOO and P62,OOO respectively. They share profits and losses in the ratio of 3:2, respectively. The partners decided to liquidate the partnership. The firm's liabilities amount to P144,000, including P16,000 owing to C and P14,000 owing to D. After realization of assets, the cash on hand amounted to P 150,000. 5. How much was the loss on realization? 6. How much should C and D receive in final settlement of their respective interest?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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C and D are partners with capital balances of P98,OOO and P62,OOO respectively. They share
After realization of assets, the cash on hand amounted to P 150,000.
5. How much was the loss on realization?
6. How much should C and D receive in final settlement of their respective interest?
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