2. Partners Badecir and Magallanes each have a P300,000 capital balance and share profits and losses in a 3:1 ratio, respectively. Cash equals P100,000, non-cash assets equal P1,000,000, and liabilities equal P500,000.lf the non-cash assets are sold for P400,000, and both partners agreed to make up for any capital deficits with personal cash

2. Partners Badecir and Magallanes each have a P300,000 capital balance and share profits and losses in a 3:1 ratio, respectively. Cash equals P100,000, non-cash assets equal P1,000,000, and liabilities equal P500,000.lf the non-cash assets are sold for P400,000, and both partners agreed to make up for any capital deficits with personal cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Partners Baldecir and Magallanes each have a P300,000 capital balance and share profits and losses in a 3:1 ratio. Cash equals P100,000, non-cash assets equal P1,000,000 and liabilities equal P500,000. IF the non-cash assets are sold for P400,000 and both partners agreed to make up for any capital deficits with persona cash contributions, Magallanes eventually will receive cash of *
1. Jag, Lee and Bench are partners having the following capital balances of P 11,200, P13,000 and P5,800 respectively. Profits and losses are shared 4:2:1. if Jag receives a total of P3,200 in cash, how much will Bench received at this point? a. P800 b. P3,000 c. P3,800 d. P5,600
Jag, Lee and Bench are partners having the following capital balances of P 11,200, P13,000 and P5,800 respectively. Profits and losses are shared 4:2:1. if Jag receives a total of P3,200 in cash, how much will Bench received at this point?
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