Question: Homework Help [Partnership Liquidation - Lump Sum] Hello, need help answering the attached exercise related to partnership. Please provide solutions and detailed explanations. Exercise V
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Homework Help [Partnership Liquidation - Lump Sum]
Hello, need help answering the attached exercise related to partnership. Please provide solutions and detailed explanations.


Exercise V - 5 Long Problems . Problem 1. On December 31 , 2018 , the Statement of Financial Position of Abacus Partnership with profit or loss ratio of 6 : 1:3 of partners Abba , Baba and Cusi respectively , revealed the . . following data :"Cash 1 , 000 , 000 Other liabilities P 2, 000 , 000 Receivable 500, 000 Payable to Baba 1 , 000 , 000 from Abba Non - cash 2 , 000 , 000 Payable to Cusi 100, 000 Abba , capital 700 , 000 Baba , capital ( 650, 000 ) Cusi , capital 350, 000 Total P 3, 500, 000 Total liabilities P. 3, 500, 000 assets and capital On January 1 , 2019 , the partners decided to liquidate the partnership . All partners , are legally declared to be personally insolvent . The other noncash assets were sold for P 1 , 500 , 000 . Liquidation expenses amounting to P100, 000 were incurred . 1 . How much cash was received by Baba at the end of partnership liquidation ?` 2 . How much cash was received by Cusi at the end of partnership liquidation
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