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  3. 12. a partnership has the following account balanc

12. A partnership has the following account balances at the date of termination: Cash, $80,000;...

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Accounting

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12. A partnership has the following account balances at the date of termination: Cash, $80,000; Noncash Assets, $660,000; Liabilities, $320,000; Bell, capital (50 percent of profits and losses), $200,000; Mann, capital (30 percent), $120,000; Scott, capital (20 percent), $100,000. The following transac- tions occur during liquidation: 12. A partnership has the following account balances at the date of termination: Cash, $80,000; Noncash Assets, $660,000; Liabilities, $320,000; Bell, capital (50 percent of profits and losses), $200,000; Mann, capital (30 percent), $120,000; Scott, capital (20 percent), $100,000. The following transac- tions occur during liquidation

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