Under the installment method of liquidation, the partner with least cash priority is

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ichigo, Inuoe, and Byakuya are partners dividing profit and losses of the partnership in the agreed ratio of 1:2:3. The following are the ledger balances at the start of liquidation: Cash P 50,000 Accounts payable P120,000 Noncash 670,000 Loans payable – Inuoe 10,000 Loans Receivable – Ichigo 30,000 Loans payable – Byakuya 20,000 Ichigo, Capital 150,000 Inuoe, Capital 200,000 Byakuya, Capital 250,000 P 750,000 P750,000 Under the installment method of liquidation, the partner with least cash priority is
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