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The partnership has recourse liabilities of 48000 using

Question - P invests $60,000 for one-third interest in the PQR Partnership. During the period, P's share of the partnership income is $120,000 and P has withdrawn $75,000. The partnership has recourse liabilities of $48,000. Using this information, which of the following is P's capital account balance?

$60,000

$105,000

$120,000

$121,000

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Accounting Basics: The partnership has recourse liabilities of 48000 using

Reference No:- TGS02734372

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