Lebron and Wade, partners who share profits and losses equally decided to liquidate their partnership by installment.  The statement of financial position showed Cash – P 35,000; P Liabilities – P 20,000; Lebron, Capital – P71,000; and Wade, Capital – P 54,000. Liquidation expenses amounted to P 10,000.  How much cash can be distributed safely toeach partner at this point?

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Lebron and Wade, partners who share profits and losses equally decided to liquidate their partnership by installment.  The statement of financial position showed Cash – P 35,000; P Liabilities – P 20,000; Lebron, Capital – P71,000; and Wade, Capital – P 54,000. Liquidation expenses amounted to P 10,000.  How much cash can be distributed safely toeach partner at this point?

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