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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
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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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? * O 21,000 30,000 50,000 O 70,000
Transcribed Image Text: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? * O 21,000 30,000 50,000 O 70,000
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