19. 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?
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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