ose, Bonl and Tony are partners with a profit and loss ratio of 5:41 The partnership is to be liquidated. Prior to the liquidation process, the Statement of Financial Position shows the following balances: Cash-P 20,000; Other assets-P 180,000; Liabilities-P 20.000; Jose, Capital - P80,000; Boni, Capital-P 60,000: Tony, Capital-P40,000. After realization. Boni received P 32,000 as settlement of his interest. How much is the total loss on realization? In the settlement to partners, how much did Tony receive?
ose, Bonl and Tony are partners with a profit and loss ratio of 5:41 The partnership is to be liquidated. Prior to the liquidation process, the Statement of Financial Position shows the following balances: Cash-P 20,000; Other assets-P 180,000; Liabilities-P 20.000; Jose, Capital - P80,000; Boni, Capital-P 60,000: Tony, Capital-P40,000. After realization. Boni received P 32,000 as settlement of his interest. How much is the total loss on realization? In the settlement to partners, how much did Tony receive?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 2BD
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Jose, Bonl and Tony are partners with a profit and loss ratio of 5:41 The partnership is to be liquidated. Prior to the liquidation process, the Statement of Financial Position shows the following balances: Cash-P 20,000; Other assets-P 180,000; Liabilities-P 20.000; Jose, Capital - P80,000; Boni, Capital-P 60,000: Tony, Capital-P40,000. After realization. Boni received P 32,000 as settlement of his interest. How much is the total loss on realization?
In the settlement to partners, how much did Tony receive?
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