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. A local partnership was in the process of liquidating and reported the following capital balances: Justice, Capital (40% share of all profits and losses) – P23,000; Zobart, Capital (35%) – P22,000; Douglass, Capital (25%) – (P14,000). Douglass indicated that the P14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the P31,000 that was then available. How much of this money should Justice receive? a. P15,000 b. P15,467 c. P17,333 d. P15,533

. A local partnership was in the process of liquidating and reported the following capital balances: Justice, Capital (40% share of all profits and losses) – P23,000; Zobart, Capital (35%) – P22,000; Douglass, Capital (25%) – (P14,000). Douglass indicated that the P14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the P31,000 that was then available. How much of this money should Justice receive? a. P15,000 b. P15,467 c. P17,333 d. P15,533

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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5. A local partnership was in the process of liquidating and reported the following capital balances:
Justice,
Capital (40% share of all profits and losses) – P23,000; Zobart, Capital (35%) – P22,000; Douglass, Capital
(25%) – (P14,000). Douglass indicated that the P14,000 deficit would be covered by a forthcoming
contribution. However, the two remaining partners asked to receive the P31,000 that was then available.
How much of this money should Justice receive?


a. P15,000
b. P15,467
c. P17,333
d. P15,533

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