As of December 31, 2012, the books of Vicky, Garci and Cabe Partnership showed capital balances of Vicky P40,000, Garci P25,000 and Cabe P5,000. 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 P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution. The loss on realization of the non cash assets was?
As of December 31, 2012, the books of Vicky, Garci and Cabe Partnership showed capital balances of Vicky P40,000, Garci P25,000 and Cabe P5,000. 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 P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution. The loss on realization of the non cash assets was?
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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As of December 31, 2012, the books of Vicky, Garci and Cabe Partnership showed capital balances of Vicky P40,000, Garci P25,000 and Cabe P5,000. The partners’
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Assuming that any partner’s capital debt balance is uncollectible, the share of A in the
P28,000 cash for distribution would be?
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