Question: Problem No. 5 Assume A, B, C, and D were partners sharing profits 40%, 20%, 20%, 20%, respectively. On January 1, 2020, they agreed to

Problem No. 5

Assume A, B, C, and D were partners sharing profits 40%, 20%, 20%, 20%, respectively. On January 1, 2020, they agreed to liquidate. A balance sheet prepared in this date is shown as follows:

Assets Liabilities and Capital

Noncash assets P 181,800 Liabilities P 84,000

A. Loan P6,000

D, Loan P3,000

A, Capital P 26,400

B, Capital P 25,800

C, Capital P 20,400

D, Capital P 16,200

Problem No. 5Assume A, B, C, and D were partners sharing profits

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