The liquidation of the partnership of Kiko, Leni and Bong resulted in a deficiency in Kiko's capital account of P100,000. Kiko can only contribute P20,000 to offset his deficiency. The partners share profits and losses in the ratio of 3:3:2. Leni and Bong, who have capital balances of P250,000 and P50,000, will absorb the deficiency as follows: a.) Leni - P 0; Bong - P 0 b.) Leni - P40,000; Bong - P40,000 c.) Leni - P32,000; Bong - P 48,000 d.) Leni - P48,000, Bong - P32,000

The liquidation of the partnership of Kiko, Leni and Bong resulted in a deficiency in Kiko's capital account of P100,000. Kiko can only contribute P20,000 to offset his deficiency. The partners share profits and losses in the ratio of 3:3:2. Leni and Bong, who have capital balances of P250,000 and P50,000, will absorb the deficiency as follows: a.) Leni - P 0; Bong - P 0 b.) Leni - P40,000; Bong - P40,000 c.) Leni - P32,000; Bong - P 48,000 d.) Leni - P48,000, Bong - P32,000

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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