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Assume the following data for ABC Partnership had the following condensed balance sheet just before the liquidation on November 1, 2019: Assets Liabilities and

Assume the following data for ABC Partnership had the following condensed balance sheet just before the liquidation on Novemb 

Assume the following data for ABC Partnership had the following condensed balance sheet just before the liquidation on November 1, 2019: Assets Liabilities and Capital Cash P 24,000 Liabilities P 12,000 A, Loans A, Capital (30%) Non-cash assets 84,000 2,400 9,600 B, Capital (50%) 48,000 C, Capital (20%) 36,000 Total P 108,000 P108,000 Liquidation expenses paid amounted to P1,000. Required: Compute for the total payment for each partner (including loans) using different assumptions: 1. Non-cash assets were realized at P 96,000. 2. Non-cash assets were realized at P36,000. The personal assets and liabilities of the partners on this date are as follows: Personal assets Personal liabilities A P288,000 P240,000 B 216,000 228,000 108,000 108,000

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