On December 31, 2019, the accounting record of MM, NN, OO Partnership (a genera partnership) included the following ledger account balances: MM, drawing 00, drawing NN, loan MM, capital NN, capital 00, capital (Dr.) Cr. (15,000.00) (5,625.00) 18,750.00 76,875.00 62,812.50 67,500.00 Total assets of the partnership amounted to P299,062.50 including P32,812.50 cash and partnership liabilities totalled, P93,750. The partnership was liquidated on December 31 2019 and 00 received P52,031.25 cash pursuant to the liquidation. MM, NN and OC shared net income and losses in a 5:3:2 ratio, respectively.

On December 31, 2019, the accounting record of MM, NN, OO Partnership (a genera partnership) included the following ledger account balances: MM, drawing 00, drawing NN, loan MM, capital NN, capital 00, capital (Dr.) Cr. (15,000.00) (5,625.00) 18,750.00 76,875.00 62,812.50 67,500.00 Total assets of the partnership amounted to P299,062.50 including P32,812.50 cash and partnership liabilities totalled, P93,750. The partnership was liquidated on December 31 2019 and 00 received P52,031.25 cash pursuant to the liquidation. MM, NN and OC shared net income and losses in a 5:3:2 ratio, respectively.

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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