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Partners WA, WOW, WEE have decided to liquidate their partnership. The partnership's balance sheet reveals the following:
Cash -?48,500;
Other Assets -?520,000;
Liabilities -?118,100;
WA, Capital -?170,475;
WOW, Capital -?215,325;
WEE, Capital -?64,600.
The partners share profits and losses in a 4:4:2 ratio and all partners are personally solvent. WEE received ?98,000 in cash as full settlement for his share of the partnership.
Requirements:
Problem 1: Compute for the gain or loss on realization. ( If it results to LOSS, put a negative (-) sign before your numerical answer) *
Problem 2: Compute for the selling price of the other assets.
Problem 3: How much is the cash allocated to Partner WA upon liquidation?
Problem 4: How much is the cash allocated to Partner WOW upon liquidation?
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