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Partner Axe, Max and Rax are partner sharing profits and losses equally. Below are their data:   Axe Max Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000   The partners decide to liquidate and their undistributed operating profit to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent. The total loss on realization of assets was    a. P360,000 b. P444,000 c. P480,000 d. P516,000 Please provide a good accounting form for the solution. Thank you!

Partner Axe, Max and Rax are partner sharing profits and losses equally. Below are their data:   Axe Max Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000   The partners decide to liquidate and their undistributed operating profit to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent. The total loss on realization of assets was    a. P360,000 b. P444,000 c. P480,000 d. P516,000 Please provide a good accounting form for the solution. Thank you!

FINANCIAL ACCOUNTING
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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  1. Partner Axe, Max and Rax are partner sharing profits and losses equally. Below are their data:

 

Axe

Max

Rax

Total

Capital

100,000

80,000

300,000

480,000

Drawings

60,000

40,000

20,000

120,000

 

The partners decide to liquidate and their undistributed operating profit to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent. The total loss on realization of assets was 

 

a. P360,000

b. P444,000

c. P480,000

d. P516,000

Please provide a good accounting form for the solution. Thank you!

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