X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their investments and withdrawals are as follows: Investment of X, Y, and Z for P200,000, P175,000 and P375,000 respectively. Withdrawals of X, Y, and Z amounting to P125,000, P62500 and P62,500 respectively. On December 31, 2021, the partners decided to liquidate their business. After exhausting partnership assets, liabilities of P125,000 remain unpaid. X is personally insolvent. The gain or loss on realization is:
X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their investments and withdrawals are as follows: Investment of X, Y, and Z for P200,000, P175,000 and P375,000 respectively. Withdrawals of X, Y, and Z amounting to P125,000, P62500 and P62,500 respectively. On December 31, 2021, the partners decided to liquidate their business. After exhausting partnership assets, liabilities of P125,000 remain unpaid. X is personally insolvent. The gain or loss on realization is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their investments
and withdrawals are as follows: Investment of X, Y, and Z for P200,000, P175,000 and P375,000
respectively. Withdrawals of X, Y, and Z amounting to P125,000, P62500 and P62,500 respectively. On
December 31, 2021, the partners decided to liquidate their business. After exhausting partnership
assets, liabilities of P125,000 remain unpaid. X is personally insolvent. The gain or loss on realization is:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4bd7cbbb-7a1d-4663-b88e-e90b1963e3d4%2Fe0275462-72f1-4df6-90d0-4b124315e6ce%2F3ckz1kl_processed.png&w=3840&q=75)
Transcribed Image Text:X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their investments
and withdrawals are as follows: Investment of X, Y, and Z for P200,000, P175,000 and P375,000
respectively. Withdrawals of X, Y, and Z amounting to P125,000, P62500 and P62,500 respectively. On
December 31, 2021, the partners decided to liquidate their business. After exhausting partnership
assets, liabilities of P125,000 remain unpaid. X is personally insolvent. The gain or loss on realization is:
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