15. Mactal, Macadang and Pangan are partners with capital balances ofP350, 000, P250, 000 and P350, Ö00 and sharing profits 30%, 20% and 50%,respectively. Partners agreed to dissolve the business and upon liquidation,all of the partnership assets are sold and sufficient cash is realized to pay allthe claims except one for P50, 000. Pangan is personally insolvent, but theother two partners are able to meet any indebetedness to the firm. On theremaining claim against the partnership.a. P15, 000PROFESSOR'S MODULE- ABE INTERNATIONAL COLLEGE OF BUSINESS AND ACCOUNTANCYACCOUNTING FOR PARTNERSHIP AND CORPORATION (3rd Trimester -CY 2016-2017)b. P30, 000c. P25, 000d. P40, 000

Given: Mactal capital balance=P 350,000 Macadang capital balance =P 250,000 Pangan capital balance…

Answered: of the partne claims exce er two partm

Business

Accounting

of the partne claims exce er two partm

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

15. Mactal, Macadang and Pangan are partners with capital balances of
P350, 000, P250, 000 and P350, Ö00 and sharing profits 30%, 20% and 50%,
respectively. Partners agreed to dissolve the business and upon liquidation,
all of the partnership assets are sold and sufficient cash is realized to pay all
the claims except one for P50, 000. Pangan is personally insolvent, but the
other two partners are able to meet any indebetedness to the firm. On the
remaining claim against the partnership.
a. P15, 000
PROFESSOR'S MODULE- ABE INTERNATIONAL COLLEGE OF BUSINESS AND ACCOUNTANCY
ACCOUNTING FOR PARTNERSHIP AND CORPORATION (3rd Trimester -CY 2016-2017)
b. P30, 000
c. P25, 000
d. P40, 000

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