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(Answered)-The capital balances, prior to the liquidation of the XYZ


The capital balances, prior to the liquidation of the XYZ partnership, were as follows: X Capital, $130,000, Y Capital, $130,000 and Z Capital, $100,000. X, Y, and Z share profits and losses in the ratio of 5:3:2. As a result of a loan, the partnership owes Y $80,000. Which partner has the highest Loss Absorption Power (LAP) prior to liquidation?

A. X
B. Y
C. Z
D. Both X and Y

 


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DATE ANSWERED

Oct 07, 2020

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