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Question 3 of 3 Fill in the blanks: The partnership of Kapos, Kulang and Kasia was affected by the pandemic so the partners have
Question 3 of 3 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, 2019 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 5:3:2, respectively. Non-cash assets were sold for P800,000. Kulang is a limited partner. The personal assets and liabilities of partners are as follow: Assets Liabilities Kapos 300,000 150,000.00 Kulang 150,000 110,000.00 Kasia 200,000 150,000.00
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