On Jan 10, 2023, partners Kong, Nang and Dee of KND Partnership decided to terminate the operation of their business because of the huge amount of loss incurred in 2022. The business was heavily affecthe pandemic due to Covid-19. Kong, Nang and Dee share profits and losses in the ratio 4:33, respectively. All partners are personally solvent, and Nang is a limited partner The Statement of Financial PositKND Partnership as of December 31, 2022 follows:Assets:Liabilities & Partners' EquityCash256,000Accounts Payable900.000Accounts ReceivableDue to T. Nang60,00030,000Allow. For Bad DebtsDue to C. Dee(6,000)20,000Due from F. KongF. Kong, Capital20,000140.000EquipmentT Nang, Capital101,2001.200.000Accumulated Depreciation, EquipmentC. Dee(200,000)138,800Total Assets1,330.000Total Liabilities & Partner's Equity1,330,000The customers accounts are no longer collectible and the equipment were sold at a loss of P400,000.The loss on realization of assets charged to Kong. Nang and Dee, respectively areSelect the correct response.P181,600P136 200P136 200P184,000P138,000P138,000P261,600P196,200P196 200

The point at which revenue is generated is referred to as realization. Revenue recognition relies…

thể operation of their business because of the huge amount of due to Covid-19. Kong, Nang and Dee share profits and losses in the ratio 4:33, respectively. All partners are personally solvent, and Nang mership as of December 31, 2022 follows: Liabilities & Partners' Equity 256,000 Accounts Payable 900,000 ats Receivable Due to T. Nang 60,000 30,000 For Bad Debts Due to C. Dee (6,000) 20,000 om F. Kong F. Kong, Capital 20,000 140,000 nent T Nang, Capital 101,200 1,200,000 nulated Depreciation, Equipment C. Dee (200,000) 138,800 Assets Total Liabilities & Partner's Equity 1,330,000 1,330,000 stomers' accounts are no longer collectible, and the equipment were sold at a loss of P400,000. Ss on realization of assets charged to Kong. Nang and Dee, respectively are

thể operation of their business because of the huge amount of due to Covid-19. Kong, Nang and Dee share profits and losses in the ratio 4:33, respectively. All partners are personally solvent, and Nang mership as of December 31, 2022 follows: Liabilities & Partners' Equity 256,000 Accounts Payable 900,000 ats Receivable Due to T. Nang 60,000 30,000 For Bad Debts Due to C. Dee (6,000) 20,000 om F. Kong F. Kong, Capital 20,000 140,000 nent T Nang, Capital 101,200 1,200,000 nulated Depreciation, Equipment C. Dee (200,000) 138,800 Assets Total Liabilities & Partner's Equity 1,330,000 1,330,000 stomers' accounts are no longer collectible, and the equipment were sold at a loss of P400,000. Ss on realization of assets charged to Kong. Nang and Dee, respectively are

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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