rtners as of June 1, 2021
Rica, Richelle and Roselyn are partners in a business being liquidated. The
· Rica has a capital balance of P129,250, personal assets of P27,500 and personal liabilities of P13,750.
· Richelle extended a loan to the partnership in the amount of P13,750, deficit of P38,500, personal assets of P41,250 and personal liabilities of P16,500.
· Roselyn has a capital balance of P8,250, personal assets of P68,750 and personal liabilities of P41,250.
· Their
On June 15, 2021, assets with book value of P82,500 were sold for P55,000 cash. The proceeds were used to pay off liabilities of the partnership. During the remainder of June, no additional assets were realized and outside creditors began to pressure the partnership for payment. On July 4, partners agreed to contribute personal assets, to whatever extent possible, in order to eliminate their respective deficits. Shortly after, assets with book value of P55,000 and a fair value of P63,250 were distributed to Rica.
Assuming additional noncash assets with book value of P110,000 were sold in July for P148,500. How much cash would be distributed to Roselyn?
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