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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 Loan due to kapos Карos, capital Kulang, capital Kasia, capital Non-Cash Asset 1,400,000 10,000 90,000 190,000 320,000 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 150,000 Каpos Kulang 300,000 150,000 110,000 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 sale of Non – Cash Asset Capital balance of Kulang after 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 Loan due to kapos Карos, capital Kulang, capital Kasia, capital Non-Cash Asset 1,400,000 10,000 90,000 190,000 320,000 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 150,000 Каpos Kulang 300,000 150,000 110,000 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 sale of Non – Cash Asset Capital balance of Kulang after 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

FINANCIAL ACCOUNTING
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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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 Карos, capital Kulang, capital Kasia, capital 90,000 190,000 320,000 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: w Asset Liabilities Карos Kulang 300,000 150,000 150,000 110,000 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 sale of Non – Cash Asset Capital balance of Kulang after 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
Transcribed Image Text: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 Карos, capital Kulang, capital Kasia, capital 90,000 190,000 320,000 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: w Asset Liabilities Карos Kulang 300,000 150,000 150,000 110,000 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 sale of Non – Cash Asset Capital balance of Kulang after 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
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