Partners I. Jand K share profits and losses equally. On March 31, 2020, the partners voted...

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Partners I. Jand K share profits and losses equally. On March 31, 2020, the partners voted to liquidate the partnership when its assets. iabifies, and capital were as follows: Cash Note receivable from K Other noncash assets 77.000 Liabities 60.500 Loans: 660.000 440,000 22.000 88.000 Copital 82.500 82.500 82.500 797.500 797.500 Assume the following: a) Al the noncash assets of P660.000 were sold for P297.000 bị K instructed the partnership to write off the P60.500 he borrowed from the partnership c) Al partners could eliminate any deficits in their capital accounts through offset or contribution, or both d) Al cash was distributed to outside creditos and partners Partners I. Jand K share profits and losses equally. On March 31, 2020, the partners voted to liquidate the partnership when its assets. iabifies, and capital were as follows: Cash Note receivable from K Other noncash assets 77.000 Liabities 60.500 Loans: 660.000 440,000 22.000 88.000 Copital 82.500 82.500 82.500 797.500 797.500 Assume the following: a) Al the noncash assets of P660.000 were sold for P297.000 bị K instructed the partnership to write off the P60.500 he borrowed from the partnership c) Al partners could eliminate any deficits in their capital accounts through offset or contribution, or both d) Al cash was distributed to outside creditos and partners

Answer rating: 100% (QA)

Journal Entries K TAL Capital 82500 82500 82500 247500 Loss on realization ... View the full answer