Show the solution in good accounting form Partners WAG, MAG, PANG, and GAP, shares profits at the ratio 5:3:1:1.June 30, relevant partners' accounts follow:OnAdvancesLoansCapitalDr.Cr.Cr.20,000 160,00040,000 120,000WAGMAGPANG18,00010,00060,000100,000LOUISGAPOn this day, caspartners as profits.P72,000 is declared as available for distribution toWho among the partners will benefit from the P72,000 cash distribution?А.PANG and GAPc. WAG and MAGD. All equallyВ.MAG and GAPSTY

Name: Show the solution in good accounting form Partners WAG, MAG, PANG, and
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Show the solution in good accounting form Partners WAG, MAG, PANG, and GAP, shares profits at the ratio 5:3:1:1.June 30, relevant partners' accounts follow:OnAdvancesLoansCapitalDr.Cr.Cr.20,000 160,00040,000 120,000WAGMAGPANG18,00010,00060,000100,000

In the partnership form of business, the existing partners of the firm shares the profit…

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Accounting

Partners WAG, MAG, PANG, and GAP, shares profits at the ratio 5:3:1:1. June 30, relevant partners' accounts follow: On Advances Loans Capital Dr. Cr. Cr. WAG 20,000 40,000 160,000 120,000 60,000 100,000 МAG PANG 18,000 LOUIS GAP 10,000 On this day, cash partners as profits. P72,000 is declared as available for distribution to Who among the partners will benefit from the P72,000 cash distribution? A. PANG and GAP C. WAG and MAG В. MAG and GAP All equally D.