As of December 31, 2020, the books of Abad, Sison, and Dario Partnership showed capital balances of Abad- 80,000; Sison - 50000 and Dario - 10,000. The partners’ profit and loss ratio was 3:2:1 respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for 74,000. After settlement of all liabilities amounting to 34,000, they still have 56,000 cash left for distribution. How much is the loss on realization?
As of December 31, 2020, the books of Abad, Sison, and Dario Partnership showed capital balances of Abad- 80,000; Sison - 50000 and Dario - 10,000. The partners’ profit and loss ratio was 3:2:1 respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for 74,000. After settlement of all liabilities amounting to 34,000, they still have 56,000 cash left for distribution. How much is the loss on realization?
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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As of December 31, 2020, the books of Abad, Sison, and Dario Partnership showed capital balances of Abad- 80,000; Sison - 50000 and Dario - 10,000. The partners’ profit and loss ratio was 3:2:1 respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for 74,000. After settlement of all liabilities amounting to 34,000, they still have 56,000 cash left for distribution. How much is the loss on realization?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT