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Due to financial difficulty, partners G. H, and I decided to liquidate. The following balances are before liquidation: Capital balances of G. H. and I are Php10,000, Php25,000, and Php20,000 respectively; Loan from G is Php25.000; Cash Php25.000; Profit and loss ratio is 30:35:35 respectively.
Partner H received Php10,650 upon liquidation and the share of the liquidation expenses of partner G is Php1.800. Meanwhile, the cash available after realizing the non-cash asset and paying the liquidation expenses is Php69.000.
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