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?

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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