______ If the amount of liabilities is P165,000 and the percentage of owner’s claim in the total partnership assets is 45%, the partnership’s total asset would be a. P200,000 c. P 366,667 b. P 300,000 d. P 255,750

______ If the amount of liabilities is P165,000 and the percentage of owner’s claim in the total partnership assets is 45%, the partnership’s total asset would be a. P200,000 c. P 366,667 b. P 300,000 d. P 255,750

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 13MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...

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Question

_______ If the amount of liabilities is P165,000 and the percentage of owner’s claim in the total partnership assets is 45%, the partnership’s total asset would be

a. P200,000 c. P 366,667

b. P 300,000 d. P 255,750

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

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