Benny, Jenny and Kenny are partners in trading business. They participate in the profits and losses equally. As of December 31, 2021, the partner's capital and drawing accounts are as follows: Benny Capital 20,000 Drawing 12,000 Jenny Capital 16,000 Drawing 8,000 Kenny Capital 60,000 Drawing 4,000 The partners decided to liquidate the partnership. The operating profit for 2021 is 14,400 which is all exhausted including the partnership assets. As of December 31, 2021, unpaid liabilities still amounted to 16,800. Benny is personally insolvent but both Kenny and Jenny have substantial private resources. 28. The total loss on realization was

Benny, Jenny and Kenny are partners in trading business. They participate in the profits and losses equally. As of December 31, 2021, the partner's capital and drawing accounts are as follows: Benny Capital 20,000 Drawing 12,000 Jenny Capital 16,000 Drawing 8,000 Kenny Capital 60,000 Drawing 4,000 The partners decided to liquidate the partnership. The operating profit for 2021 is 14,400 which is all exhausted including the partnership assets. As of December 31, 2021, unpaid liabilities still amounted to 16,800. Benny is personally insolvent but both Kenny and Jenny have substantial private resources. 28. The total loss on realization was

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 43P

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