On January 1, 20x1, A and B who share profits and losses ona 60:40 ratio, decided to liquidate their partnership. The partnership had total assets of 2,000,000. Net proceeds recieved from sale of non cash assets amounted to 1,200,000. A recieved 768,000 in the settlement of the partner's capital balances. How much is the total loss on the sale of partnership assets?

On January 1, 20x1, A and B who share profits and losses ona 60:40 ratio, decided to liquidate their partnership. The partnership had total assets of 2,000,000. Net proceeds recieved from sale of non cash assets amounted to 1,200,000. A recieved 768,000 in the settlement of the partner's capital balances. How much is the total loss on the sale of partnership assets?

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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