On September 2, 2020, Nino, Olan, and Pete formed a partnership investing cash of P945,000, P850,000, and P264,600. The partners share profits and losses in the ratio of 3:2:2 and on October 31, 2020 the firm has cash of P63,000, other assets of P2,992,500, and liabilities of P1,612,800. On this date they decided to go out of busines and sell all the assets for P1,890,000. Pete has personal assets of P94,500 that may, if necessary, be used to meet partnership obligations. Loss from operations was P617,400. How much should be distributed to Olan upon liquidation of the partnership? a. P128,520 b. P306,180 c. P0 d. P268,380

On September 2, 2020, Nino, Olan, and Pete formed a partnership investing cash of P945,000, P850,000, and P264,600. The partners share profits and losses in the ratio of 3:2:2 and on October 31, 2020 the firm has cash of P63,000, other assets of P2,992,500, and liabilities of P1,612,800. On this date they decided to go out of busines and sell all the assets for P1,890,000. Pete has personal assets of P94,500 that may, if necessary, be used to meet partnership obligations. Loss from operations was P617,400. How much should be distributed to Olan upon liquidation of the partnership? a. P128,520 b. P306,180 c. P0 d. P268,380

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 12DQ

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