Problem 6 Mah, Dah and Lih have capital balances of P600,000, P1,000,000 and P360,000 each respectively and they share profits in the respective ratio of 4:2:1. Dah received P520,000 as a result of liquidating the partnership. partnership also incurred P10,000 liquidation expenses and withheld P2,000 for the unpaid liabilities of the partnership. The How much wil1 Lih receive? A. 240,000 в. 150,000 C. 120,000 D. What is the loss on realization? А. 1,680,000 c. 1,320,000 B. 1,670,000 D. 1,310,000 RSITY
Problem 6 Mah, Dah and Lih have capital balances of P600,000, P1,000,000 and P360,000 each respectively and they share profits in the respective ratio of 4:2:1. Dah received P520,000 as a result of liquidating the partnership. partnership also incurred P10,000 liquidation expenses and withheld P2,000 for the unpaid liabilities of the partnership. The How much wil1 Lih receive? A. 240,000 в. 150,000 C. 120,000 D. What is the loss on realization? А. 1,680,000 c. 1,320,000 B. 1,670,000 D. 1,310,000 RSITY
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Show the solution in good accounting form
![Problem 6
Mah, Dah and Lih have capital balances of P600,000, P1,000,000 and P360,000
each respectively and they share profits in the respective ratio of 4:2:1.
Dah
received
P520,000
result
of liquidating the partnership.
as a
The
partnership also incurred P10,000 liquidation expenses and withheld P2,000
for the unpaid liabilities of the partnership.
How much will Lih receive?
240,000
150,000
А.
C.
120,000
в.
D.
What is the loss on realization?
C.
1,320,000
1,310,000
A.
1,680,000
В.
1,670,000
D.
RSITY](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1520c4f0-e7fd-41f8-ad5e-828e4da2156d%2F122bf8d9-49bf-4626-9223-e8b417bc0a62%2Fn7ifa3j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 6
Mah, Dah and Lih have capital balances of P600,000, P1,000,000 and P360,000
each respectively and they share profits in the respective ratio of 4:2:1.
Dah
received
P520,000
result
of liquidating the partnership.
as a
The
partnership also incurred P10,000 liquidation expenses and withheld P2,000
for the unpaid liabilities of the partnership.
How much will Lih receive?
240,000
150,000
А.
C.
120,000
в.
D.
What is the loss on realization?
C.
1,320,000
1,310,000
A.
1,680,000
В.
1,670,000
D.
RSITY
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education