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ABC formed a partnership. the partners agreed that A would receive 40% of any partnership profits and B and C would each receive 30% of such profits. It was also agreed that the partnership would not terminate for 5 years. After the fourth year, the partners agreed to terminate the partnership. At that time, the partners capital accounts were as follows: A, P20,000; B, P15,000, and C P10,000. There were also undistributed losses of P30,000. What is C's share of the undistributed losses

ABC formed a partnership. the partners agreed that A would receive 40% of any partnership profits and B and C would each receive 30% of such profits. It was also agreed that the partnership would not terminate for 5 years. After the fourth year, the partners agreed to terminate the partnership. At that time, the partners capital accounts were as follows: A, P20,000; B, P15,000, and C P10,000. There were also undistributed losses of P30,000. What is C's share of the undistributed losses

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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ABC formed a partnership. the partners agreed that A would receive 40% of any partnership profits and B and C would each receive 30% of such profits. It was also agreed that the partnership would not terminate for 5 years. After the fourth year, the partners agreed to terminate the partnership. At that time, the partners capital accounts were as follows: A, P20,000; B, P15,000, and C P10,000. There were also undistributed losses of P30,000. What is C's share of the undistributed losses?

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