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After operating for five years, the books of the partnership of Lopez and Mendez showed the following balances: Net Assets ₱130,000 Lopez, Capital 85,000 Mendez, Capital 45,000 If liquidation takes place at this point and net assets are realized at book value, how much shall Lopez receive?

After operating for five years, the books of the partnership of Lopez and Mendez showed the following balances: Net Assets ₱130,000 Lopez, Capital 85,000 Mendez, Capital 45,000 If liquidation takes place at this point and net assets are realized at book value, how much shall Lopez receive?

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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1. After operating for five years, the books of the partnership of Lopez and Mendez showed the following balances: Net Assets ₱130,000 Lopez, Capital 85,000 Mendez, Capital 45,000 If liquidation takes place at this point and net assets are realized at book value, how much shall Lopez receive?
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