How much cash will be distributed to the partners?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 20x20. ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%)
P2,500,000; C (35%) P5,400,0003; J (40%) P3.700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C
P600.000. Cash on hand before the start of liquidation is P800,000.
Noncash assets amounting to P7,400,000 were sold at book value and the rest of the noncash assets were sold al a loss of P4.200,000.
How much cash will be distributed to the partners?
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