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Question - After several years of operations of operations, the partnership of MM, LL and EE is to be liquidated. After making the closing entries on March 31, 2021, the following accounts remained open:
Account Balance
Account Title Debit Credit
Cash P150,000
Other Assets 2,600,000
Liabilities P 750,000
MM, Capital 400,000
LL, Capital 600,000
EE, Capital 1,000,000
The non-cash assets are sold for P2,150,000. Profits and losses are shared equally.
Required - Prepare a statement of partnership liquidation and the entries to record the following:
1. Sale of non-cash assets and distribution of loss on realization to the partners.
2. Payment of liabilities.
3. Distribution of cash to the partners.
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