Partners Lacoste, Lancome and Lanvin have capital balances of P 11,200; P 13,000 ; and P 5,800, respectively and share profits and losses in the ratio 4:2:1. If Lacoste receives a total of P 3,200 in cash, how much will Lanvin have received at this point?

Partners Lacoste, Lancome and Lanvin have capital balances of P 11,200; P 13,000 ; and P 5,800, respectively and share profits and losses in the ratio 4:2:1. If Lacoste receives a total of P 3,200 in cash, how much will Lanvin have received at this point?

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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Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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