36. Dr. E, Dr. F and Dr. G are partners with capital balance of P700,000, P500,000 and P700,000 and sharing profits 30%, 20%and 50% respectively. Partners agree to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P50,000. Dr. G is personally insolvent, but the other two partners are able to meet any indebtedness to the firm. On the remaining claim against the partnership, Dr. E is to absorb. A. 80,000 B. 30,000 C. 60,000 D. 50,000
36. Dr. E, Dr. F and Dr. G are partners with capital balance of P700,000, P500,000 and P700,000 and sharing profits 30%, 20%and 50% respectively. Partners agree to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P50,000. Dr. G is personally insolvent, but the other two partners are able to meet any indebtedness to the firm. On the remaining claim against the partnership, Dr. E is to absorb. A. 80,000 B. 30,000 C. 60,000 D. 50,000
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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36. Dr. E, Dr. F and Dr. G are partners with capital balance of P700,000, P500,000 and P700,000 and sharing profits 30%, 20%and 50% respectively. Partners agree to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P50,000. Dr. G is personally insolvent, but the other two partners are able to meet any indebtedness to the firm. On the remaining claim against the partnership, Dr. E is to absorb.
A. 80,000
B. 30,000
C. 60,000
D. 50,000
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