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What is the total amount of cash paid to kevin

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Reference no: EM132812853

Kevin, a partner in a law firm, decided to withdraw from the partnership. Kevin's share in the partnership profits and losses was 20%. Upon withdrawal from the partnership he was paid cash in final settlement for his interest. The total of the partners' capital account before the recognition of the revaluation prior to Kevin's withdrawal was P315,000. After his withdrawal the remaining partners' capital accounts, excluding their share of revaluation, totaled P246,000, but including their share of revaluation, totaled P384,000.

Problem 1: What is the total amount of cash paid to Kevin?

Problem 2: In the liquidation of general partnership, which of the following claims shall be settled first by the liquidating partner?

A. Capital contribution by the managing partner
B. Share in profit by the industrial partner
C. Employee benefits of workers
D. Advances made by capitalist partner to the Partnership

Reference no: EM132812853

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