of the partne claims exce er two partm
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 42P
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Question
Transcribed Image Text:15. Mactal, Macadang and Pangan are partners with capital balances of
P350, 000, P250, 000 and P350, Ö00 and sharing profits 30%, 20% and 50%,
respectively. Partners agreed to dissolve the business and upon liquidation,
all of the partnership assets are sold and sufficient cash is realized to pay all
the claims except one for P50, 000. Pangan is personally insolvent, but the
other two partners are able to meet any indebetedness to the firm. On the
remaining claim against the partnership.
a. P15, 000
PROFESSOR'S MODULE- ABE INTERNATIONAL COLLEGE OF BUSINESS AND ACCOUNTANCY
ACCOUNTING FOR PARTNERSHIP AND CORPORATION (3rd Trimester -CY 2016-2017)
b. P30, 000
c. P25, 000
d. P40, 000
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