Katie, Lenie and Minnie decided to liquidate their partnership on July 31, 2008. Their capital balances and profit and loss ratios on this date, before liquidation, are:*please refer on the image below CapitalP&L RatioKatieP224,00025%LenieP288,00030%MinnieP128,00045%The net loss from January 1 to July 31, 2008 is P48,000. Also, on this date, cashand liabilities are P136,000 and P232,000, respectively.Which of the ff. is inconsistent with the result of liquidation if Lenie receivedP247,200 in full settlement of her interest in the firm?

In liquidation of partnership from realised amount first outside…

Answered: Katie | bartleby

Business

Accounting

Katie

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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