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How much is the total loss on realization

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Reference no: EM132888987

Partners Soul and Mate who have been dividing profits and losses in the ratio of 3:2, respectively, decided to liquidate their partnership. Capital balances before liquidation were:

Soul - P 40,000;

Mate - P 30,000.

Problem 1: After paying in full liabilities of P 30,000, they have P 49,000 cash to divide. How much is the total loss on realization? in the settlement to partners, how much did Soul receive? in the settlement to partners, how much did Mate receive?

Reference no: EM132888987

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