Question
As of December 31, 2011, the books of GTB Partnership showed capital balances of Gueco- P40,000; Tiangco - P25,000; Barcelo, P5,000. The partners' profit and
As of December 31, 2011, the books of GTB Partnership showed capital balances of Gueco- P40,000; Tiangco - P25,000; Barcelo, P5,000. The partners' profit and loss ratio was 3:2:1, respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution. The loss on realization of the non-cash assets was:
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Trust Me Im Almost An Auditor
Authors: Lily Hazelwood
1st Edition
1791960405, 978-1791960407
