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Two partners (X and Y) have equal balances in their capital accounts and have agreed to share profits and losses on a 55:45 basis, respectively.

Two partners (X and Y) have equal balances in their capital accounts and have agreed to share profits and losses on a 55:45 basis, respectively. When partnership assets are liquidated, partner Y's capital account will be increased for Multiple choice question. 50% of gains on sales of partnership assets. 45% of gains on sales of partnership assets. 55% of gains on sales of partnership assets

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