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The partners share income 40:40:20, respectively. On July 2, the partnership is liquidated. 60% of the receivables are collected and that inventory is sold for
The partners share income 40:40:20, respectively. On July 2, the partnership is liquidated. 60% of the receivables are collected and that inventory is sold for P20,000. Equipment is sold for P30,000. How much us to be distributed to Pedro?
PS. Answer only, you don't need to send the solution, i trust your knowledge!
PARTNERSHIP LIQUIDATION
Following is the statement of financial position of the CPA Partnership before realization of assets on July 1, 2021 Cash Accounts Receivable Inventory Equipment Total P10,000 Liabilities 50,000 Carlo, capital 30,000 Pedro, capital 60,000 Andro, capital 150,000 Total 28,000 45,000 27,000 50,000 150,000
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