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fter the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash                                 P 10,000 Liabilities                             30,000 Pooh,Loan                             5,000 See,Capital                          15,000 Chap,Capital                        10,000 Pooh,Capital                        10,000 Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent. 1. How much was the loss on realization? a. 50,000 b. 60,000 c. 70,000

fter the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash                                 P 10,000 Liabilities                             30,000 Pooh,Loan                             5,000 See,Capital                          15,000 Chap,Capital                        10,000 Pooh,Capital                        10,000 Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent. 1. How much was the loss on realization? a. 50,000 b. 60,000 c. 70,000

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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2) After the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash                                 P 10,000

Liabilities                             30,000

Pooh,Loan                             5,000

See,Capital                          15,000

Chap,Capital                        10,000

Pooh,Capital                        10,000

Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent.

1. How much was the loss on realization?

a. 50,000

b. 60,000

c. 70,000

d. 80,000

 

 

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