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Partners Rose, Susan and Tina share profits and losses in the ratio of 5:3:2. At the end of a very profitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: Rose P 2,200,000; Susan 2,490,000; Tina P 1,500,000. The liabilities accumulate to P 3,000,000, including a loan of P 1,000,000 from Rose. The cash balance is P 600,000. All the partners are personally solvent. The partners plan to sell the assets in instalment. If Susan received P 360,000 from the first distribution of cash, how much did Tina receive at that time?

Partners Rose, Susan and Tina share profits and losses in the ratio of 5:3:2. At the end of a very profitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: Rose P 2,200,000; Susan 2,490,000; Tina P 1,500,000. The liabilities accumulate to P 3,000,000, including a loan of P 1,000,000 from Rose. The cash balance is P 600,000. All the partners are personally solvent. The partners plan to sell the assets in instalment. If Susan received P 360,000 from the first distribution of cash, how much did Tina receive at that time?

CONCEPTS IN FED.TAX.,2020-W/ACCESS
CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 47P
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Partners Rose, Susan and Tina share profits and losses in the ratio of 5:3:2. At the end of a very profitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: Rose P 2,200,000; Susan 2,490,000; Tina P 1,500,000. The liabilities accumulate to P 3,000,000, including a loan of P 1,000,000 from Rose. The cash balance is P 600,000. All the partners are personally solvent. The partners plan to sell the assets in instalment.

If Susan received P 360,000 from the first distribution of cash, how much did Tina receive at that time?

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