- How Much Did Partner T Receive In The Settlement Of His Total Interest In The Partnership 2 Points L On December 31 2 1 (216.17 KiB) Viewed 49 times
- How Much Did Partner T Receive In The Settlement Of His Total Interest In The Partnership 2 Points L On December 31 2 2 (346.96 KiB) Viewed 49 times
How much did partner T receive in the settlement of his total interest in the partnership? (2 points) L On December 31,2019, ACT Partnership decided to liquidate its business. On this date, AC and Thave capital balances of 300 000, P 250,000, P 120,000 and share profits and losses in the ratio of 5:23. Below it shows the personal assets and personal liabilities of each partners A- personal assets =P 100,000 : personal liabilities = p 50,000 C-personal assets = P 50,000 : personal liabilities = P50,000 T-personal assets - P 50,000 ; personal liabilities - P 75.000 Before liquidation, the partnership has total liabilities of P 330,000 which includes a payable of P 30,000 to T and the non-cash anset has a book value of P750,000. The amount of proceeds received from the liquidation of assets is P 300,000 which is alrady net of Linusitiation erances of poon Enter your answer
2 How much is the share of T in the gain or loss on realization of the non-cash assets? if gain--> positive amount ex. 2.000 if loss--> negative amount ex. (2000) [2 Points) E On December 31,2019, ACT Partnership decided to liquidate its business. On this date, A.C and T have capital balances of 300,000, P 250,000, P 120,000 and share profits and losses in the ratio of 5:23. Below it shows the personal assets and personal liabilities of each partners: A-personal assets =P 100,000 : personal liabilities = P 50,000 C-personal assets = P 50.000: personal liabilities = P 50,000 T-personal assets - P50.000 : personal abilities - P 75.000 Beleze liquidation, the partnership has total liabilities of P 330, DOO which indudes a payable of P 30,000 to T and the non-cash ansett has a book value of P 750,000. The amount of proceeds received from the liquidation of assets is P 300 000 which is already net of Les content on