Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The profit and loss agreement is 60% for Charles and 40% for Clement. The partners decided to liquidate the partnership. The firm's liabilities amount to P 36,000, including P 4.000 owing to Charles and P 3,500 owing to Clement on loans. After realization of assets, the cash on hand amounts to P 37,500. How much is the total loss on realization? in the settlement to partners, how much did Charles receive? in the settlement to partners. how much did Clement receive?
Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The profit and loss agreement is 60% for Charles and 40% for Clement. The partners decided to liquidate the partnership. The firm's liabilities amount to P 36,000, including P 4.000 owing to Charles and P 3,500 owing to Clement on loans. After realization of assets, the cash on hand amounts to P 37,500. How much is the total loss on realization? in the settlement to partners, how much did Charles receive? in the settlement to partners. how much did Clement receive?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The profit and loss agreement is 60% for Charles and 40% for Clement. The partners decided to liquidate the partnership . The firm's liabilities amount to P 36,000, including P 4.000 owing to Charles and P 3,500 owing to Clement on loans. After realization of assets, the cash on hand amounts to P 37,500. How much is the total loss on realization?
in the settlement to partners, how much did Charles receive?
in the settlement to partners. how much did Clement receive?
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