Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows: Cash 198,000 Accounts payable 149,000 Inventory 80,000 Jade, capital (40%) 79,000 Plant assets 230,000 Kale, capital (40%) 140,000 Lilo, capital (20%) 140,000 Total assets 508,000 Total liabilities & equity 508,000 Assuming non cash assets were sold for P150,000; 26.The gain (loss) in realization is
Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows: Cash 198,000 Accounts payable 149,000 Inventory 80,000 Jade, capital (40%) 79,000 Plant assets 230,000 Kale, capital (40%) 140,000 Lilo, capital (20%) 140,000 Total assets 508,000 Total liabilities & equity 508,000 Assuming non cash assets were sold for P150,000; 26.The gain (loss) in realization is
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 5CE
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Jade, Kale, And Lilo are in the process of liquidating their
Cash 198,000 Accounts payable 149,000 Inventory 80,000 Jade, capital (40%) 79,000 Plant assets 230,000 Kale, capital (40%) 140,000 Lilo, capital (20%) 140,000 Total assets 508,000 Total liabilities & equity 508,000
Assuming non cash assets were sold for P150,000;
26.The gain (loss) in realization is
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