Question
Mah, Dah and Lih have capital balances of P600,000, P1,000,000 and P360,000 each respectively and they share profits in the respective ratio of 4:2:1. Dah
Mah, Dah and Lih have capital balances of P600,000, P1,000,000 and P360,000 each respectively and they share profits in the respective ratio of 4:2:1. Dah received P520,000 as a result of liquidating the partnership. The partnership also incurred P10,000 liquidation expenses and withheld P2,000 for the unpaid liabilities of the partnership.
QUESTION:
1) How much will Lih receive? 2) What is the loss on realization? Present in good accounting form
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How To Win Your Tax Audit An Insider Guide To Successfully Negotiating With The IRS Chronicled From The Files From The Files Of The Nations Most Successful And Respected Taxpayers Rights Advocate
Authors: Daniel J Pilla
1st Edition
1884367097, 978-1884367090
