Partner Axe, Max and Rax are partner sharing profits and losses equally. Below are their data: Axe Max Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000 The partners decide to liquidate and their undistributed operating profit to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent. The total loss on realization of assets was a. P360,000 b. P444,000 c. P480,000 d. P516,000 Please provide a good accounting form for the solution. Thank you!
Partner Axe, Max and Rax are partner sharing profits and losses equally. Below are their data: Axe Max Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000 The partners decide to liquidate and their undistributed operating profit to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent. The total loss on realization of assets was a. P360,000 b. P444,000 c. P480,000 d. P516,000 Please provide a good accounting form for the solution. Thank you!
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 59P
Related questions
Question
- Partner Axe, Max and Rax are partner sharing
profits and losses equally. Below are their data:
|
|
Axe |
Max |
Rax |
Total |
|
Capital |
100,000 |
80,000 |
300,000 |
480,000 |
|
Drawings |
60,000 |
40,000 |
20,000 |
120,000 |
The partners decide to liquidate and their undistributed operating profit to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent. The total loss on realization of assets was
a. P360,000
b. P444,000
c. P480,000
d. P516,000
Please provide a good accounting form for the solution. Thank you!
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