After the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash P 10,000 Liabilities 30,000 Pooh,Loan 5,000 See,Capital 15,000 Chap,Capital 10,000 Pooh,Capital 10,000 Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent. Q3. How much additional investment did Chap make? a. 10,000 b. 14,000 c. 15,000 d. 20,000
After the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh. Cash P 10,000 Liabilities 30,000 Pooh,Loan 5,000 See,Capital 15,000 Chap,Capital 10,000 Pooh,Capital 10,000 Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent. Q3. How much additional investment did Chap make? a. 10,000 b. 14,000 c. 15,000 d. 20,000
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 47P
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2) After the realization of non-cash assets, the following account balances appeared in the genera ledger of the
Cash P 10,000
Liabilities 30,000
Pooh,Loan 5,000
See,Capital 15,000
Chap,Capital 10,000
Pooh,Capital 10,000
Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent.
Q3. How much additional investment did Chap make?
a. 10,000
b. 14,000
c. 15,000
d. 20,000
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