. Partners Lanvega, Tauroneo, and Bryce share profits and losses in the ratio of 4:5:1. The statement of financial position for the partnership is as follows: P50,000 | Accounts Payable 360,000 Lanvega, Capital Tauroneo, Capital Bryce, Capital P410,000 Total Liabilities and Capital Cash P150,000 Inventory 160,000 45,000 55,000 Total Assets P410,000 If the inventory is sold for P300,000, how much should Lanvega receive upon liquidation of the partnership?

. Partners Lanvega, Tauroneo, and Bryce share profits and losses in the ratio of 4:5:1. The statement of financial position for the partnership is as follows: P50,000 | Accounts Payable 360,000 Lanvega, Capital Tauroneo, Capital Bryce, Capital P410,000 Total Liabilities and Capital Cash P150,000 Inventory 160,000 45,000 55,000 Total Assets P410,000 If the inventory is sold for P300,000, how much should Lanvega receive upon liquidation of the partnership?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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