FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Garachico, Dugan, Pascua and Cerda are partners, sharing profits in the ratio of 3/21, 4/21, 6/21 and 8/21, respectively. The balances of their capital accounts on Dec. 31, 2019 are as follows: Garachico P 1,000 Dugan 25,000 Pascua 25,000 Cerda 9,000 P60,000 The partners decided to liquidate, and they accordingly converted the non-cash assets into P23,200 of cash. After paying the liabilities amounting to P3,000, they have P22,000 to divide. Assume that a debit balance of any partner's capital is uncollectible. The share of Garachico in the loss on realization was:
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