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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