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What is the gain in the realization of the assets

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Question - Partners Carlo, Diego, and Edgar who share profits and losses in the ratio of 5:3:2, date the partnership condensed balance sheet was as follows: Cash 80,000 Other Assets 400,000 Accounts Payable 96,000 Carlo, Capital 128,000 Diego, Capital 144,000 Edgar, Capital 112,000 Half of the other assets were sold for 250,000 for Period 1. The other half was sold for 170,000 for Period 2.

Required -

1. What is the gain/(loss) in the realization of the assets for Period 1?

2. What is the gain/(loss) in the realization of the assets for Period 2?

3. How much is the share of Carlo in the gain/(loss) in the realization of the assets for Period 1?

4. How much is the share of Diego in the gain/(loss) in the realization of the assets for Period 1?

5. How much is the share of Edgar in the gain/(loss) in the realization of the assets for Period 1?

6. How much is the share of Carlo in the gain/(loss) in the realization of the assets for Period 2?

7. How much is the share of Diego in the gain/(loss) in the realization of the assets for Period 2?

8. How much is the share of Edgar in the gain/(loss) in the realization of the assets for Period 2?

9. How much will Carlo receive upon distribution for Period 1?

10. How much will Diego receive upon distribution for Period 1?

11. How much will Edgar receive upon distribution for Period 1?

12. How much will Carlo receive upon distribution for Period 2?

13. How much will Diego receive upon distribution for Period 2?

14. How much will Edgar receive upon distribution for Period 2?

Reference no: EM133150258

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