On December 31, 2020, the accounting records of the Friends Partnership included the following information: Raflyn, drawing (debit balance) P 120,000 Jane, drawing (debit balance) Pablo, loan Raflyn, capital Jane, capital Pablo, capital 45,000 150,000 615,000 502,500 540,000 Total assets amounted to P2,392,500, including P262,500 cash, and liabilities totaled P750,000. The partnership was liquidated on December 31, 2020, and Jane received P416,250 cash pursuant to the liquidation. Raflyn, Jane, and Pablo share net income and losses in a 5:3:2 ratio, respectively. Compute for the total loss on realization.
On December 31, 2020, the accounting records of the Friends Partnership included the following information: Raflyn, drawing (debit balance) P 120,000 Jane, drawing (debit balance) Pablo, loan Raflyn, capital Jane, capital Pablo, capital 45,000 150,000 615,000 502,500 540,000 Total assets amounted to P2,392,500, including P262,500 cash, and liabilities totaled P750,000. The partnership was liquidated on December 31, 2020, and Jane received P416,250 cash pursuant to the liquidation. Raflyn, Jane, and Pablo share net income and losses in a 5:3:2 ratio, respectively. Compute for the total loss on realization.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![On December 31, 2020, the accounting records of the Friends Partnership included the
following information:
Raflyn, drawing (debit balance) P 120,000
Jane, drawing (debit balance)
Pablo, loan
Raflyn, capital
Jane, capital
Pablo, capital
45,000
150,000
615,000
502,500
540,000
Total assets amounted to P2,392,500, including P262,500 cash, and liabilities totaled P750,000.
The partnership was liquidated on December 31, 2020, and Jane received P416,250 cash
pursuant to the liquidation. Raflyn, Jane, and Pablo share net income and losses in a 5:3:2 ratio,
respectively. Compute for the total loss on realization.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3a93d1c5-7bd8-40c7-adca-8141df5299fd%2Fa792735a-5c51-4d6b-b37c-750bc9d23d24%2Fz58o96b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On December 31, 2020, the accounting records of the Friends Partnership included the
following information:
Raflyn, drawing (debit balance) P 120,000
Jane, drawing (debit balance)
Pablo, loan
Raflyn, capital
Jane, capital
Pablo, capital
45,000
150,000
615,000
502,500
540,000
Total assets amounted to P2,392,500, including P262,500 cash, and liabilities totaled P750,000.
The partnership was liquidated on December 31, 2020, and Jane received P416,250 cash
pursuant to the liquidation. Raflyn, Jane, and Pablo share net income and losses in a 5:3:2 ratio,
respectively. Compute for the total loss on realization.
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