n December 31, the partnership accounts of Tresmond, Wanda and Tuda who share profits and losses in the ratio2:5:3 follows: Tresmond, Drawing (credit) P5,000; Tresmond, Capital P48,000; Wanda, Drawing (debit) P10,000; Wanda, Capital P64,600; Tuda, Capital P55,000; Due from Wanda P8,000; Due to Tuda P8,000. Total partnership assets on this day stands at P231,000 including cash of P74,000. The partnership is liquidated and Tresmond ultimately receives P45,000 in final liquidation. How much is the total loss on realization of the partnership?
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.
On December 31, the
how much will Tuda receive on the final liquidation?
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