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How much is the share of c in the gain on realization

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Problem - On June 30, 2019, ABC partnership shows that A, B and C have capital balances after pro?t or loss of 500,000, 300,000 and 200,000 with pro?t or loss ratio of 1:3:6. Loss incurred from January 1- June 30, 2019 is P 150,000. Before liquidation, the partnership has P 150,000 of total liabilities. The partnership has a payable to B of P 30,000 and C of 10,000. The cash balance before liquidation is 20% of the proceeds received from the realization of the non-cash assets. A and B are insolvent while C is personally solvent. If the cash balance after realization of the non-cash assets is P 500,000, how much is the share of C in the gain/loss on realization?

Reference no: EM132904478

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