Partners Jungkook and Jimin who have been dividing profits and losses in the ratio of 6:4, respectively, decided to liquidate their BTS partnership. The partners capital balances before liquidation were: Jungkook. P50,000 and JiminP30,000, respectively. After paying full the liabilities of P20,000, they have cash P50,000 to divide. How much is the loss on realization?

Partners Jungkook and Jimin who have been dividing profits and losses in the ratio of 6:4, respectively, decided to liquidate their BTS partnership. The partners capital balances before liquidation were: Jungkook. P50,000 and JiminP30,000, respectively. After paying full the liabilities of P20,000, they have cash P50,000 to divide. How much is the loss on realization?

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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