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Determine the respective shares of April and May

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Question - April and May are partners sharing profits equally and with capital balances of P750,000 and P500,000, respectively. The firm owes May P200,000 as evidenced by a promissory note. Upon liquidation, cash of P300,000 becomes available for distribution to the partners. Both partners are personally solvent, but April is the only general partner. In the final distribution, determine the respective shares of April and May?

A. P100,000; P200,000

B. P150,000; P150,000

C. P175,000; P125,000

D. P275,000; P 25,000

E. None of the above

Reference no: EM132789827

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