Anna, Karen, and Nina are partners in Tres Marias Partnership, sharing profit and loss in the ratio
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Question:
Anna, Karen, and Nina are partners in Tres Marias Partnership, sharing profit and loss in the ratio of 4:3:3, respectively. Due to continuing losses, they decided to liquidate their partnership. At the time of liquidation, the following balances were available:
Cash | P100,000 |
Non-cash Assets | 500,00 |
Liabilities | 120,000 |
Anna, Capital | 300,000 |
Karen, Capital | 150,000 |
Nina, Capital | 30,000 |
the non-cash assets were sold for 380,000
Required:
prepare a statement of liquidation assuming the partner with capital deficiency is:
a. personally solvent
b. personally insolvent
Related Book For
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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