The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019, and gave you the following balances: Cash 100,000 Outside Creditors 890,000 Non-Cash Asset 1,400,000 Loan due to kapos 10,000 Kapos, capital 90,000 Kulang, capital 190,000 Kasia, capital 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non-cash asset was sold for 800,000. Kulang is a limited partner. The personal assets and liabilities of partners are as follows: Asset Liabilities Kapos 300,000 150,000 Kulang 150,000 110,000 Kasia 200,000 150,000 Answer the following: Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang Gain/Loss absorbed by Kasia Capital balance of Kapos after the sale of Non – Cash Asset Capital balance of Kulang after the sale of Non – Cash Asset Additional Investment by Kapos Additional Investment by Kulang Final Settlement to Kapos Final Settlement to Kulang Final Settlement to Kasia
The
|
Cash |
100,000 |
Outside Creditors |
890,000 |
|
Non-Cash Asset |
1,400,000 |
Loan due to kapos |
10,000 |
|
|
|
Kapos, capital |
90,000 |
|
|
|
Kulang, capital |
190,000 |
|
|
|
Kasia, capital |
320,000 |
The partners share
|
|
Asset |
Liabilities |
|
Kapos |
300,000 |
150,000 |
|
Kulang |
150,000 |
110,000 |
|
Kasia |
200,000 |
150,000 |
|
Answer the following: |
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Gain/Loss absorbed by Kapos |
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Gain/Loss absorbed by Kulang |
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Gain/Loss absorbed by Kasia |
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Capital balance of Kapos after the sale of Non – Cash Asset |
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Capital balance of Kulang after the sale of Non – Cash Asset |
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Additional Investment by Kapos |
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Additional Investment by Kulang |
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Final Settlement to Kapos |
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Final Settlement to Kulang |
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Final Settlement to Kasia |
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