he partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance) P (32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 Levis, Capital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Require 1. The total loss from the liqui
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The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. |
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Guess, Drawing (debit balance) |
P (32,000) |
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Levis, Drawing (debit balance) |
(12,000) |
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Jag, Loan |
40,000 |
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Guess, Capital |
164,000 |
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Jag, Capital |
134,000 |
|
Levis, Capital |
144,000 |
Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.
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Require 1. |
The total loss from the liquidation of the partnership |
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2. |
Prepare the statement of liquidation. |
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3. |
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