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How much will Lih receive? A. 240,000 B. 150,000 C. 120,000 D. 0 What is the loss on realization? A. 1,680,000 B. 1,670,000 C. 1,320,000 D. 1,310,000

How much will Lih receive? A. 240,000 B. 150,000 C. 120,000 D. 0 What is the loss on realization? A. 1,680,000 B. 1,670,000 C. 1,320,000 D. 1,310,000

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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Question 2: Mah, Dah and Lih have capital balances of P600,000, P1,000,000 and P360,000 each respectively and they share profits in the respective ratio of 4:2:1. Dah received P520,000 as a result of liquidating the partnership. The partnership also incurred P10,000 liquidation expenses and withheld P2,000 for the unpaid liabilities of the partnership.

How much will Lih receive?

A. 240,000

B. 150,000

C. 120,000

D. 0

What is the loss on realization?

A. 1,680,000

B. 1,670,000

C. 1,320,000

D. 1,310,000

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