D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The par be liquidated. Prior to the liquidation, the statement of financial position shows balances Cash Other Assets P 80,000 320,000 240,000 160,000 P 80,000 .720,000 Liabilities D, Capital E, Capital F, Capital After realization. E received P120.000 as settlement of his interest.
D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The par be liquidated. Prior to the liquidation, the statement of financial position shows balances Cash Other Assets P 80,000 320,000 240,000 160,000 P 80,000 .720,000 Liabilities D, Capital E, Capital F, Capital After realization. E received P120.000 as settlement of his interest.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 5SEB
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