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What awas the loss on realization of partnership assets

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Question - On Nov. 10, 2019, De Guzman, Seechua, and Longalong, partners had capital account balances of 20000, 25000 and 9000, respectively and share profits or losses in 4:2:1 ratio.

Required -

1) Prepare the cash priority program assuming that liabilities totaled 20,000 on Nov. 10, 2019.

2) If De Guzman received 4,000, how much cash was paid to all partners?

3) If De Guzman received 13,000, how much did Longalong get?

4) If Seechua received only 11,000 as a result of the liquidation, what awas the loss on realization of partnership assets (assuming that no partner invested any additional assets in the partnership)?

Reference no: EM132804988

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