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How much is the total loss on realization of the partnership

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Question - On December 31, the partnership accounts of Tresmond, Wanda and Tuda who share profits and losses in the ratio2:5:3 follows: Tresmond, Drawing (credit) P5,000; Tresmond, Capital P48,000; Wanda, Drawing (debit) P10,000; Wanda, Capital P64,600; Tuda, Capital P55,000; Due from Wanda P8,000; Due to Tuda P8,000. Total partnership assets on this day stands at P231,000 including cash of P74,000. The partnership is liquidated and Tresmond ultimately receives P45,000 in final liquidation. How much is the total loss on realization of the partnership? How much will Tuda receive on the final liquidation?

Reference no: EM132997837

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