How much did Blue receive from the liquidation? Transcribed Image Text: A. Partners Red, White and Blue decided to liquidate their partnership. Their Statement of
How much did Blue receive from the liquidation? Transcribed Image Text: A. Partners Red, White and Blue decided to liquidate their partnership. Their Statement of Financial Po
shows the following:
Assets
Liabilities and Equity
Cash
P 500,000
Liabilities
P
300,000
Red, Capital (30%)
White, Capital (40%)
Blue, Capital (30%)
Total Liabilities & Capital
Noncash Assets
3,000,000
1,100,000
1,350,000
750,000
P 3,500,000
Total Assets
P3,500,000
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Red received P 800,000 cash in full settlement of his share in the partnership after payment of
liquidation expenses of P 425,000.
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