Jack and Beans, who share in profits and losses in the ratio of 3:7, decided to liquidate their Talk Partnership. The partners' capital balances were P300,000 and P190,000, respectively. 5. If all partnership assets and liabilities are realized and settled at their.carrying amounts, how much will Beans receive from the liquidation?
Jack and Beans, who share in profits and losses in the ratio of 3:7, decided to liquidate their Talk Partnership. The partners' capital balances were P300,000 and P190,000, respectively. 5. If all partnership assets and liabilities are realized and settled at their.carrying amounts, how much will Beans receive from the liquidation?
Jack and Beans, who share in profits and losses in the ratio of 3:7, decided to liquidate their Talk Partnership. The partners' capital balances were P300,000 and P190,000, respectively. 5. If all partnership assets and liabilities are realized and settled at their.carrying amounts, how much will Beans receive from the liquidation?
Transcribed Image Text:Jack and Beans, who share in profits and losses in the ratio of 3:7,
decided to liquidate their Talk Partnership. The partners' capital
balances were P300,000 and P190,000, respectively.
5. If all partnership assets and liabilities are realized and settled
at their.carrying amounts, how much will Beans receive from
the liquidation?
Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.
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