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Cash Distribution to Partners Lily, Monteverde and Nathan are partners in a company that is being liquidated. They share profits and losses 55%, 20% and
Cash Distribution to Partners
Lily, Monteverde and Nathan are partners in a company that is being liquidated. They share profits and losses 55%, 20% and 25%, respectively.
When the liquidation begins, they have capital account balances of P108,000, P62,000 and PS6,000, respectively. The partnership just sold equipment with a historical and accumulated depreciation of P25,000 and P18,000, respectively for P10,000.
Required:
What is the balance of Monteverde's capital after the realization of the equipment?
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