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Prepare the necessary journal entries as at december

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Reference no: EM132891068

Chiefe and Credo are about to liquidate their partnership. They each have P200,000 capital balances, and they share profits and losses in a 3:1 ratio, respectively. In addition, the partnership has P250,000 in cash, P450,000 in noncash assets, and P300,000 in accounts payable. Assuming that the noncash assets are sold for P170,000 on July 31, 2016 and that both partners are personally solvent:

Required:

Problem a. Prepare statement of liquidation for the period ending December 31, 2016.

Problem b. Prepare the necessary journal entries as at December 31, 2016.

Reference no: EM132891068

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