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How much cash can be distributed safely to each partner

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Question - 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 to each partner at this point?

a. Lebron-P3,000; Wade- P0

b. Lebron-P5,000; Wade-P500

c. Lebron- P5,000; Wade- P1,000

d. Lebron-P5,000; Wade-0

Reference no: EM133027693

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