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Question - The following condensed balance sheet is presented for the partnership of BBB and AAA, who share profits and losses on the ratio of 60:40, respectively:
Other assets P 450,000
BBB loan 20,000
P 470,000
Accounts payable P 120,000
BBB, capital 195,000
AAA, capital 155,000
Total P 470,000
The partners have decided to liquidate the partnership. If the other assets are sold P385,000, what amount of the available cash should be distributed to BBB?
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