Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The loss on realization is? a. 9,843.75 b. 49,218.75 On December 31,2019 , the accounting record of MM, NN, OO Partnership (a general partnership) included
The loss on realization is?
a. 9,843.75
b. 49,218.75
On December 31,2019 , the accounting record of MM, NN, OO Partnership (a general partnership) included the following ledger account balances: Total assets of the partnership amounted to P299,062.50 including P32,812.50 cash and partnership liabilities totalled, P93,750. The partnership was liquidated on December 31, 2019 and OO received P52,031.25 cash pursuant to the liquidation. MM, NN and OO shared net income and losses in a 5:3:2 ratio, respectively
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started