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Accounting

The trial balance for the XYZ partnership is as follows just before liquidation:

cash $ 200,000
Other assets $ 750,000
Baker receivable $ 100,000
Liabilities $ 150,000
Able Capital $ 400,000
Baker Capital $ 370,000
Charly Capital $ 130,000
partners share profits a 60:20:20 ratio

Required:

Prepare an advance cash distribution plan showing how available cash would be distributed.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945382

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