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Question - PARTNERSHIP LIQUIDATION
Use the following information for the next two cases:
A and B decided to liquidate their partnership. The partnership's records show the following information:
Cash -
Non-cash assets 80,000
Total assets 80,000
Liabilities 15,000
Loan payable to Partner A 10,000
Loan payable to Partner B 17,000
A, capital (80%) 20,000
B, capital (20%) 18,000
Total liabilities and equity 80,000
Case #1: Lump-sum liquidation
All the non-cash assets are sold for ?50,000.
Requirement: Determine the amount distributable to A and B in liquidation.
Further, answer break even questions below. Use the original information to: Determine the number of units the company must sell to break even for the year
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