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What is the loss absorption power with respect to joe

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Problem 1: Scott, Joe, and Ed are liquidating their partnership. At the date the liquidation begins Scott, Joe and Ed have capital account balanced of P162,000, P192,500, and P215,000, respectively and the partners share profits and losses 40%, 35%, and 25%, respectively. In addition, the partnership has a P36,000 Notes Payable to Scott and a P20,000 Notes receivable from Ed. When the liquidation begins, what is the loss absorption power with respect to Joe?

Reference no: EM132738031

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