How much is lapits share in the maximum possible loss

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Problem

LAPIT, NAMA, TAPOS partnership is entering into liquidation and has the following balances before distributing profit of P100,000: Cash P 155,000 Liabilities P 220,000 Noncash 1,350,000 Loan from TAPOS 30,000 LAPIT, Capital (20) 255,000 NAMA, Capital (20) 325,000 TAPOS, Capital (60) 675,000 During September, noncash assets with a book value of P375,000 were sold for P320,000. The partnership paid P35,000 for the liquidation expenses it incurred and it also paid half of its liabilities to outside creditors. Creditors whose account balances amount to P30,000 decided to condone the partnership's liabilities and 3⁄4 of the cash received from the sale of noncash assets were distributed to partners. Get the instant assignment help. How much is (i) LAPIT's share in the maximum possible loss? (ii) TAPOS' capital after the first cash distribution?

Reference no: EM133973871

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