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35.When Moses and Miriam, partners who share earnings equally, were incapacitated in an airplane accident, a liquidator was appointed to wind up their business. The
35.When Moses and Miriam, partners who share earnings equally, were incapacitated in an airplane accident, a liquidator was appointed to wind up their business. The accounts showed cash, P35,000; other assets, P110,000; Liabilities, P20,000; Moses, capital, P71,000; and Miriam, capital, P54,000. Because of highly specialized nature of the noncash assets, the liquidator anticipated that considerable time would be required to dispose them. The expenses of liquidating the business (advertising, rent, travel, etc.) are estimated at P10,000. How much cash can be distributed safely to each partner at this point? O P5,000 to Moses; and PO to Miriam O P5,000 to Moses; and P500 to Miriam O P3,000 to Moses: and PO to Miriam P5,000 to Moses: and P1,000 to Miriam
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