preoaration of journal entries for partnership liquadation.., Accounting Basics

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tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather than sell the bussiness because they are each about to retire and want to go thier separate ways . They have been sharing profits in the ratio of 40% to tugade 40% to masinsin and 20% to Biore.

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