Katie, Lenie and Minnie decided to liquidate their partnership on July 31, 2008. Their capital balances and profit and loss ratios on this date, before liquidation, are:

a. Total cash paid to partners, P736,000

b. Non-cash assets were sold for P600,000

c. Minnie received P66,800

d. Katie’s share in loss, P22,000

 

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Capital P&L Ratio Katie P224,000 25% Lenie P288,000 30% Minnie P128,000 45% The net loss from January 1 to July 31, 2008 is P48,000. Also, on this date, cash and liabilities are P136,000 and P232,000, respectively. Which of the ff. is inconsistent with the result of liquidation if Lenie received. P247,200 in full settlement of her interest in the firm? Capital P&L Ratio Katie P224,000 25% Lenie P288,000 30% Minnie P128,000 45% The net loss from January 1 to July 31, 2008 is P48,000. Also, on this date, cash and liabilities are P136,000 and P232,000, respectively. Which of the ff. is inconsistent with the result of liquidation if Lenie received. P247,200 in full settlement of her interest in the firm?

Answer rating: 100% (QA)

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