The non-cash ass ets are sold for P10,000 net of liquidation expenses and the liabilities are paid. How much cash will be distributed to each partner? Part 2. Liquidation – Lump Sum The following is the statement of financial position of ABC Partnership before liquidation: P 20,000 Liabilities 50,000 Anthony, capital Benjamin, capital Charlie, capital Cash P 24,000 Non-Cash Assets 20,000 16,000 10,000

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