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Make a schedule summarizing the payments

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X, Y, and Z are partners sharing profits in the ratio of 5:3:2, respectively. A balance sheet prepared just prior to the partnership liquidation shows the following:

Capital Balances          Loan Balances

P122,000                    P43,000

P72,000                     P48,000

P47,000                          P6,000

Assets are sold and cash is distributed to partners in monthly installments during the course of liquidation as follows:

January P20,000

February P50,000

March P80,000

April (final distribution) P20,000

Required:

Problem 1: Cash distribution program to show how cash is to be distributed during the entire course of liquidation.

Problem 2: Using the program developed above, make a schedule summarizing the payments to be made to partners at the end of each month.

Reference no: EM132823443

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