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Question - MACY, PERCY and PROCY, partners sharing profits and losses based on 4:4:2 decided to liquidate. All assets of the partnership were liquidated. The condensed statement of financial position just prior to the liquidation follows:
Cash 300,000
Other assets 1,200,000
Total = 1,500,000
Liabilities 420,000
MACY, Loan 30,000
MACY, Capital 135,000
PERCY, Capital 315,000
PROCY, Capital 600,000
Other assets were sold for P742,500 realizing a loss of P457,500. Parties agreed to fully terminate the partnership's business thus, necessitating distribution of cash to partners and in case of capital deficiency, contribution of additional cash. The three partners were all solvent and could answer any capital deficiency. How much is the total capital deficiency?
a. 48,000
b. 50,000
c. 52,000
d. 46,000
Financial Statement Analysis and Preparation
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