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 Outside Creditors 100,000 1,400,000 Loan due to kapos Kapos, capital Kulang, capital Kasia, capital 890,000 10,000 90,000 190,000 320,000 Non-Cash Asset The partners share profit and loss in the ratio 5:3:2, respectively. Non cash asset was sold for 1,000,000. All partners are solvent Answer the following: Gain/Loss on Realization Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang
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 Outside Creditors 100,000 1,400,000 Loan due to kapos Kapos, capital Kulang, capital Kasia, capital 890,000 10,000 90,000 190,000 320,000 Non-Cash Asset The partners share profit and loss in the ratio 5:3:2, respectively. Non cash asset was sold for 1,000,000. All partners are solvent Answer the following: Gain/Loss on Realization Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Outside Creditors
100,000
1,400,000
890,000
Non-Cash Asset
Loan due to kapos
10,000
Каpos, 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 1,000,000.
All partners are solvent
Answer the following:
Gain/Loss on Realization
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
Final Settlement to Kapos
Final Settlement to Kulang
Final Settlement to Kasia
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