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 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
|
|
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 |
|
Step by step
Solved in 2 steps with 2 images
