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2. Partners Badecir and Magallanes each have a P300,000 capital balance and share profits and losses in a 3:1 ratio, respectively. Cash equals P100,000, non-cash assets equal P1,000,000, and liabilities equal P500,000.lf the non-cash assets are sold for P400,000, and both partners agreed to make up for any capital deficits with personal cash

2. Partners Badecir and Magallanes each have a P300,000 capital balance and share profits and losses in a 3:1 ratio, respectively. Cash equals P100,000, non-cash assets equal P1,000,000, and liabilities equal P500,000.lf the non-cash assets are sold for P400,000, and both partners agreed to make up for any capital deficits with personal cash

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Partners Badecir and Magallanes each have a P300,000 capital balance and share profits and losses in a 3:1 ratio, respectively. Cash equals P100,000, non-cash assets equal P1,000,000, and liabilities equal P500,000.lf the non-cash assets are sold for P400,000, and both partners agreed to make up for any capital deficits with personal cash contributions, Magallanes eventually will receive cash of * PO P100,000 P150,000 P200,000
Transcribed Image Text:2. Partners Badecir and Magallanes each have a P300,000 capital balance and share profits and losses in a 3:1 ratio, respectively. Cash equals P100,000, non-cash assets equal P1,000,000, and liabilities equal P500,000.lf the non-cash assets are sold for P400,000, and both partners agreed to make up for any capital deficits with personal cash contributions, Magallanes eventually will receive cash of * PO P100,000 P150,000 P200,000
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