How much did See receive in the liquidation?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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2) After the realization of non-cash assets, the following account balances appeared in the genera ledger of the partnership of See, Chap, and Pooh.

Cash                                 P 10,000

Liabilities                             30,000

Pooh,Loan                             5,000

See,Capital                          15,000

Chap,Capital                        10,000

Pooh,Capital                        10,000

Profits are shared 2:4:4 for See, Chapand Pooh, respectively. Pooh is insolvent.

Q2. How much did See receive in the liquidation?

a. 0

b. 3,000

c. 5,000

d. 15,000

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