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Question: At the time the decision to liquidate was made, a partnership had the following account balances: Cash, $91,000; other Assets, $702,000; Liabilities, $338,000; Polk, Capital (50% of profits and losses), $221,000; Garfield, Capital (30%0, $143,000; Arthur, Capital (20%), $91,000. When the company actually liquidated, a total of $10, 400 was distributed to the partners. How would the $10, 400 have been allocated across the three partners?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93067428

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