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What was the cash realised from the initial sale of assets?

What was the cash realised from the initial sale of assets?

FINANCIAL ACCOUNTING
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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D. The accounts of the partnership of E, R and M at the end of its fiscal year on September 30, 2023 are as follows: P 360,000 Loan from M P 240,000 1,080,000 3,120,000 E, capital (30%) 120,000 R, capital (50%) 720,000 Liabilities 1,200,000 M, capital (20%) 360,000 Partner M received P216,000 on the first distribution of cash and liquidation expenses of P48,000 were expected to be incurred up to December 31, 2023. 5. What was the cash realised from the initial sale of assets? Cash Other assets Loan to R
Transcribed Image Text:D. The accounts of the partnership of E, R and M at the end of its fiscal year on September 30, 2023 are as follows: P 360,000 Loan from M P 240,000 1,080,000 3,120,000 E, capital (30%) 120,000 R, capital (50%) 720,000 Liabilities 1,200,000 M, capital (20%) 360,000 Partner M received P216,000 on the first distribution of cash and liquidation expenses of P48,000 were expected to be incurred up to December 31, 2023. 5. What was the cash realised from the initial sale of assets? Cash Other assets Loan to R
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