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Question - A balance sheet for the partnership ok K, L, and M, who share profits 2:1:1, shows the following balances just before liquidation:
Cash 48,000
Other Assets 238,000
Liabilities 80,000
K, Capital 88,000
L, Capital 62,000
M, Capital 56,000
On the first month of liquidation, 128,000 was received on the sale of certain assets. Liquidation expense of 4,000 were paid, and additional liquidation expense of 3,200 are withheld to anticipate payment before liquidation is completed. Creditors were paid 22,400. The available cash were distributed to the partners. What the cash to be received by each partner based on the above data?
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