Reference no: EM132905509
Partners Shuka, Towyo Fatis, who share profit and loss in the ratio of 3:5:2, respectively have decided to liquidate their partnership. The statement of financial position of the partnership at the time of liquidation is shown below: Cash P 86,300 Accounts Payable P 58,000 Other Assets 303,700 Loans from Towyo 15,500 Shuka, Capital 93,000 Towyo, Capital 95,000 Fatis, Capital 128,500. The partnership is to create an installment distribution schedule showing how cash would be distributed to partners as assets are realized.
REQUIRED:
Problem 1: In the schedule of cash priority program, the maximum absorbable loss for Shuka would bE?
Problem 2: In the schedule of cash priority program, the maximum absorbable loss for Towyo would be?
Problem 3: In the schedule of cash priority program, the maximum absorbable loss for Fatis would be?
Problem 4: assuming Partners Shuka, Towyo and Fatis share Profit and Loss equally, the maximum absorbable loss for Shuka would be?
Problem 5: assuming Partners Shuka, Towyo and Fatis share Profit and Loss equally, the maximum absorbable loss for Towyo would be?
Problem 6: assuming Partners Shuka, Towyo and Fatis share Profit and Loss equally, the maximum absorbable loss for Fatis would be?
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