Partners E, F, and G who share profits and losses in the ratio of 2: 2: 1, respectively decided to liquidate. The condensed statement of financial position immediately prior to the liquidation shows the following: Cash P 400,000 Non-cash Assets 1,600,000 Liabilities 560,000 E, Loan 40,000 E, Capital 180,000 F, Capital 420,000 G, Capital 800,000 After paying liabilities to partnership creditors, cash of P830,000 is available for distribution to partners. Any capital deficiency is made good by the deficient partner, since all three partners are personally solvent. ______________12. How much was the loss on realization? How much would F receive in final settlement of his interest? ____________14. How much would G receive in final settlement of his interest?
Partners E, F, and G who share
Cash P 400,000
Non-cash Assets 1,600,000
Liabilities 560,000
E, Loan 40,000
E, Capital 180,000
F, Capital 420,000
G, Capital 800,000
After paying liabilities to partnership creditors, cash of P830,000 is available for distribution to partners. Any capital deficiency is made good by the deficient partner, since all three partners are personally solvent.
______________12. How much was the loss on realization?
- How much would F receive in final settlement of his interest?
____________14. How much would G receive in final settlement of his interest?
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