Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows: Cash 198,000 Accounts payable 149,000 Inventory 80,000 Jade, capital (40%) 79,000 Plant assets 230,000 Kale, capital (40%) 140,000 Lilo, capital (20%) 140,000 Total assets 508,000 Total liabilities & equity508,000 Assuming that noncash assets were sold for P250,000 29.The gain (loss) in realization is
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is 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, drawings of a partner, etc.
Jade, Kale, And Lilo are in the process of liquidating their
Cash 198,000 Accounts payable 149,000
Inventory 80,000 Jade, capital (40%) 79,000
Plant assets 230,000 Kale, capital (40%) 140,000
Lilo, capital (20%) 140,000
Total assets 508,000 Total liabilities & equity508,000
Assuming that noncash assets were sold for P250,000
29.The gain (loss) in realization is
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