AQUA and PLANT with capital balances of P100,000 and P82,000,respectively. They share profits and losses in the ratio of 3:2, respectively. The partners decided to liquidate the partnership. The firm’s liabilities amount to P150,000, including P16,000 owing to DDS and P14,000 to DU. After realization of assets, the cash on hand amounted to P155,000. How much was the loss on realization?
AQUA and PLANT with capital balances of P100,000 and P82,000,respectively. They share profits and losses in the ratio of 3:2, respectively. The partners decided to liquidate the partnership. The firm’s liabilities amount to P150,000, including P16,000 owing to DDS and P14,000 to DU. After realization of assets, the cash on hand amounted to P155,000. How much was the loss on realization?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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AQUA and PLANT with capital balances of P100,000 and P82,000,respectively. They share
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