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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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Question

DON, BEH and SAD partnership became insolvent and the partnership is being
liquidated as soon as feasible. In this respect the following information
for the partners has been marshaled:
Capital
Balances
Personal
Assets
Personal
Liabilities
DON 70,000 80,000 40,000
BEH (60,000) 30,000 50,000
SAD (30,000) 70,000 30,000
Total (20,000
Assume that residual profits and losses are shared equally among the three
partners, based on this information, what is the maximum amount that DON can expect to receive from the partnership liquidation?
A. 20,000 C. 70,000
B. 40,000 D. 110,000

Note: Kindly please provide a good accounting form for its solution

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