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After all noncash assets have been converted into cash in the liquidation of the AA and JJ partnership, the ledger contains the following account balances: Credit Debit 34,000 Cash Accounts payable Loan payable to AA AА, саpital JJ, capital 25,000 9,000 8,000 8,000 Available cash should be distributed; P25,000 to accounts payable and:

After all noncash assets have been converted into cash in the liquidation of the AA and JJ partnership, the ledger contains the following account balances: Credit Debit 34,000 Cash Accounts payable Loan payable to AA AА, саpital JJ, capital 25,000 9,000 8,000 8,000 Available cash should be distributed; P25,000 to accounts payable and:

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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A. P4,500 each to AA and JJ

B. P8,000 to AA and P1,000 to JJ
 
C. P9,000 loan payable to AA
 
D. P1,000 to AA and P8,000 to JJ
After all noncash assets have been converted into cash in the liquidation of the AA and JJ partnership, the ledger contains the following account balances: Credit Debit 34,000 Cash Accounts payable Loan payable to AA AA, capital JJ, capital 25,000 9,000 8,000 8,000 Available cash should be distributed; P25,000 to accounts payable and:
Transcribed Image Text:After all noncash assets have been converted into cash in the liquidation of the AA and JJ partnership, the ledger contains the following account balances: Credit Debit 34,000 Cash Accounts payable Loan payable to AA AA, capital JJ, capital 25,000 9,000 8,000 8,000 Available cash should be distributed; P25,000 to accounts payable and:
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