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The non-cash assets are sold for P10,000 net of liquidation expenses and the liabilities are paid. How much cash should be distributed to Boogie? PS.
The non-cash assets are sold for P10,000 net of liquidation expenses and the liabilities are paid. How much cash should be distributed to Boogie?
PS. Answer only, you don't need to send the solution, i trust your knowledge!
PARTNERSHIP LIQUIDATION
The statement of Financial Position of the Golf Partnership, just before liquidation is as follows: Cash Non-cash assets P20,000 Liabilities 50,000 Par, capital (50%) Boogie, capital (30%) Birdie, capital (20%) P70,000 Total P24,000 20,000 16,000 10,000 P70,000 TotalStep by Step Solution
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