D. Red, White, and Blue are partners who share profits and losses 20%; 30%; and 50% respectively. The partners have decided to liquidate the partnership. Their capital accounts show the following balances: Red - P 60,000 credit; White -P 90,000 credit; Blue - P 30,000 debit. What is the amount of cash available for distribution?
D. Red, White, and Blue are partners who share profits and losses 20%; 30%; and 50% respectively. The partners have decided to liquidate the partnership. Their capital accounts show the following balances: Red - P 60,000 credit; White -P 90,000 credit; Blue - P 30,000 debit. What is the amount of cash available for distribution?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:D.
Red, White, and Blue are partners who share profits and losses 20%; 30%; and 50% respectively.
The partners have decided to liquidate the partnership. Their capital accounts show the following
balances: Red - P 60,000 credit; White - P 90,000 credit; Blue - P 30,000 debit. What is the
amount of cash available for distribution?
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