| 7. If after all partnership assets are realized and all liabilities are settled the partnership has remaining cash of P120,000, how much will Beans receive from the liquidation?
| 7. If after all partnership assets are realized and all liabilities are settled the partnership has remaining cash of P120,000, how much will Beans receive from the liquidation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Jack and Beans, who share in profits and losses in the ratio of 3:7,
decided to liquidate their Talk Partnership. The partners' capital
balances were P300,000 and P190,000, respectively.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F826cca96-f515-499f-80c6-edb487926cc2%2F65f765fe-6383-4fc2-95e5-60ee367a5361%2Fknd5ba5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Jack and Beans, who share in profits and losses in the ratio of 3:7,
decided to liquidate their Talk Partnership. The partners' capital
balances were P300,000 and P190,000, respectively.
![| 7. If after all partnership assets are realized and all liabilities are
settled the partnership has remaining cash of P120,000, how
much will Beans receive from the liquidation?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F826cca96-f515-499f-80c6-edb487926cc2%2F65f765fe-6383-4fc2-95e5-60ee367a5361%2Fw6za26c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:| 7. If after all partnership assets are realized and all liabilities are
settled the partnership has remaining cash of P120,000, how
much will Beans receive from the liquidation?
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