The liquidation of the partnership of James, Larry and Brix resulted in a deficiency in James' capital account of P 100,000. James can contribute only P 25,000 to offset his deficiency. Larry and Brix, who have capital balances of P 250,000 and P 50,000, share profits and losses in the ratio of 2:3. How much is the share of Larry in the capital deficiency of James? how much is the share of Brix in the capital deficiency of James?
The liquidation of the partnership of James, Larry and Brix resulted in a deficiency in James' capital account of P 100,000. James can contribute only P 25,000 to offset his deficiency. Larry and Brix, who have capital balances of P 250,000 and P 50,000, share profits and losses in the ratio of 2:3. How much is the share of Larry in the capital deficiency of James? how much is the share of Brix in the capital deficiency of James?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The liquidation of the partnership of James, Larry and Brix resulted in a deficiency in James' capital account of P 100,000. James can contribute only P 25,000 to offset his deficiency. Larry and Brix, who have capital balances of P 250,000 and P 50,000, share profits and losses in the ratio of 2:3. How much is the share of Larry in the capital deficiency of James?
how much is the share of Brix in the capital deficiency of James?
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