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Fill in the blanks The partnership of Kapos, Kulang and Kasia was affected by the pandemic so the partners have decided to liquidate on December
Fill in the blanks The partnership of Kapos, Kulang and Kasia was affected by the pandemic so the partners have decided to liquidate on December 31, 2020 and gave you the following balances Cash 100,000 Outside Creditors 890,000 Non-Cash Assets 1,400,000 Loan due to Kapos 10,000 Kapos Capital 90,000 Kulang, Capital 190,000 Kasia, Capital 320,000 The partners share P/L in the ratio of 5:32, respectively. Non-cash assets were sold for P900,000. Kapos is a limited partner while Kulang and Kasia are general partners. The personal assets and liabilities of partners are as follow Assets Liabilities 300,000 150,000.00 150,000 110,000.00 Kasia 200,000 150,000.00 Kulang Answer the following: 1 Gain/(Loss) absorbed by Kapos 2 Gain/(Loss) absorbed by Kulang 3 Gain/(Loss) absorbed by Kasia Capital balance of Kapos after sale of NCA 5 6 Capital balance of Kulang after sale of NCA Additional investment by Kapos 7 Additional investment by Kulang 8 Final settlement to Kapos 9 Final settlement to Kulang 10 Final settlement to Kasia
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