On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows: Cash- 50,000         Other assets- 250,000 Liabilities- 60,000 Geri, Capital- 80,000 Elma, Capital- 90,000 Philip, Capital- 70,000 The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000. What is the amount of the expected liquidation expenses?

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows:

Cash- 50,000        
Other assets- 250,000
Liabilities- 60,000
Geri, Capital- 80,000
Elma, Capital- 90,000
Philip, Capital- 70,000

The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000.

What is the amount of the expected liquidation expenses?

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