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Determine The Following: 1. The Loss On Realization. 2. The Amount of Cash Received by Pia

The partnership accounts of Kevin, Rosi, and Pia showed capital balances of P160,000, P130,000 and P140,000 respectively on Dec. 31, 2010. Total assets were P700,000 including P80,000 cash, and liabilities were P240,000. In January 2011 the partnership was liquidated, Rosi received P110,000 cash, and the question asks to determine the loss on realization and the amount of cash received by Pia.

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Ma. Alexandra Teddy Buen
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44 views1 page

Determine The Following: 1. The Loss On Realization. 2. The Amount of Cash Received by Pia

The partnership accounts of Kevin, Rosi, and Pia showed capital balances of P160,000, P130,000 and P140,000 respectively on Dec. 31, 2010. Total assets were P700,000 including P80,000 cash, and liabilities were P240,000. In January 2011 the partnership was liquidated, Rosi received P110,000 cash, and the question asks to determine the loss on realization and the amount of cash received by Pia.

Uploaded by

Ma. Alexandra Teddy Buen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Problem 3:

The partnership accounts of Kevin, Rosi, and Pia who share earnings in a 4:3:3 ratio are as follows on
Dec. 31, 2010
Kevin, drawing (debit) P 30,000
Rosi, drawing (credit) 10,000
Pia, Loan 50,000
Kevin, Capital 160,000
Rosi, Capital 130,000
Pia, Capital 140,000

Total assets amounted to P 700,000 including P 80,000 cash and liabilities total P 240,000. The
partnership was liquidated in January 2011 and Rosi received 110,000 cash payment in the liquidation.

Determine the following:


1. The loss on realization.
2. The amount of cash received by Pia.

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