Question
On December 31, the partnership accounts of Carbo. Hipolito and Imperial who share profits and losses in the ratio of 5:3:2 follows: Accounts Receivable -
On December 31, the partnership accounts of Carbo. Hipolito and Imperial who share profits and losses in the ratio of 5:3:2 follows:
Accounts Receivable - Carbo
7,200
Loans Payable - Hipolito
14,400
Carbo, Capital
59,400
Hipolito, Capital
44,400
Imperial, Capital
39,000
Total partnership assets on this day stands at P211,200, including cash of P64,200. The partnership is liquidated and Imperial ultimately receives P33,000 in final liquidation. How much is the total loss on realization of the partnership?
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Financial Accounting An IFRS Perspective In Romania
Authors: Adriana Dutescu
1st Edition
3030294870, 978-3030294878
