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Problem:

Alpha and beta are partners who share income in the ratio 1:2 and have capital balances of $40,000 and $70,000 at the time they decide to terminate teh partnership. After all non cash assets are sold and all liabilities are paid, there is a cash balance of $50,000.

Required:

Question: What amount of loss on realization should be allocated to alpha?

60000
20000
30000
50000

Note: Please provide through step by step calculations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164266

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