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ABC Partnership have the following balances before liquidation: Cash 250,000 Accounts payable 50,000 Non-cash assets 500,000 A, loan 10,000 A, Capital (40%) 190,000 B, Capital

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ABC Partnership have the following balances before liquidation: Cash 250,000 Accounts payable 50,000 Non-cash assets 500,000 A, loan 10,000 A, Capital (40%) 190,000 B, Capital (45%) 350,000 C, Capital (15%) 150,000On June 30,2010. ABC partnership shows that A. B and C have capital balances after prot or loss of 500.000, 300.000 and 200,000 with prot or loss ratio of 1:3:6. Loss incurred from January 1 June 30, 2010 is P 150.000. Before liquidation. the partnership has F 150000 of total liabilities. The partnership has a payable to B of P 30:0'30 and C of 10000. The cash balance before liquidation is 20% of the proceeds received from the realization of the noncash assets. A and B are insolvent while (I is personally solvent

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