LO A, B, C, and D are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21, respectively. The balances of their capital accounts on December 31, 20x1 are as follows: A....... B... C. P1,000 25,000 25,000 9,000 P 60.000 D.. The partners decide to liquidate, and they accordingly convert the non-cash assets into P23,200 cash. After paying the liabilities amounting to P3,000, they have P22,000 to divide. Assume that a debit balance of any partner's capital is uncollectible. The share of B in the cash distribution to the partners was: (round-off DIE SITY
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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