Sonny, Gardo and Valentino share profits and losses in the ratio of 5:3:2 respectively. How much would be received by Valentino during February? 4. Sonny. Garde and Valentino formed theSGV Partnership mony years ago. After yearsof successful operations. the partners wantto enjoy ther fe by refring trom ther tediousJobs which s continuously being flogged byproblems due to increasing competifion inthe ndustry. The partners decided toIquidate the partnership on January 15.2020. Post-closing trial balance as of thatdate is as folows:CashRecelvoblesValentino. LoanOther AssetsUobilifesSonny, LoanGardo, LoonSonny, CapitalGardo. CapitalValenfino, CoptalTotdsP 35.00065.0007,000298.000P60.00045.00030.000120.000PO.00060.000P405.000P405.000Assets were reaired ond cosh Is datrbutedto portners in intoiments during theTquidation process as folowPIS.000P40 000PRO 000P30.000FebniaryMarchYour answer

Realization means the amount that has been received from sale of the assets of the company due to…

Answered: Sonny, Gardo and Valentino share…

Sonny, Gardo and Valentino share profits and losses in the ratio of 5:3:2 respectively. How much would be received by Valentino during February?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 4PB

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