The total loss on realization of assets was * Partner Axe, Max and Rax are partners sharing profits and losses equally. Below are their data Axe Маx Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000 The partners decide to iquidate and their undistributed operating profit prior to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent O P360,000 O P444,000 O P480,000 P516,000
The total loss on realization of assets was * Partner Axe, Max and Rax are partners sharing profits and losses equally. Below are their data Axe Маx Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000 The partners decide to iquidate and their undistributed operating profit prior to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent O P360,000 O P444,000 O P480,000 P516,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The total loss on realization of assets was
Partner Axe, Max and Rax are partners sharing profits and losses equally. Below are their data
Ахе
Max
Rax
Total
Capital 100,000
80,000 300,000 480,000
Drawings 60,000
40,000 20,000 120,000
The partners decide to liquidate and their undistributed operating profit prior to liquidation amounted to
P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities
amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent.
O P360,000
O P444,000
O P480,000
P516,000
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