Orange and Lemon share profits and losses equally. They decided to liquidate their partnership when their net assets amounted to P 260,000. Capital balances were P 170,000 and P 90,000, respectively. If the non-cash assets were sold for an amount equal to book value, what amount of cash should Orange and Lemon respectively received?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Orange and Lemon share profits and losses equally. They decided to liquidate their partnership
when their net assets amounted to P 260,000. Capital balances were P 170,000 and P 90,000,
respectively. If the non-cash assets were sold for an amount equal to book value, what amount of
cash should Orange and Lemon respectively received?

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