The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH P50,000 LIABILITIES P80,000 OTHER ASSETS 300,000 A, LOAN 20,000 RECEIVABLE FROM B 10,000 A, CAPITAL 120,000 B, CAPITAL 90,000 C, CAPITAL 50,000 TOTAL P360,000 TOTAL P360,000 Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 90,000 P120,000 FEB. 2020 100,000 P80,000 MAR. 2020 125,000 P100,000 Liquidation expenses paid are as follows: January – P3,000 February – P5,000 Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?
The
|
CASH |
P50,000 |
LIABILITIES |
P80,000 |
|
OTHER ASSETS |
300,000 |
A, LOAN |
20,000 |
|
RECEIVABLE FROM B |
10,000 |
A, CAPITAL |
120,000 |
|
B, CAPITAL |
90,000 |
||
|
C, CAPITAL |
50,000 |
||
|
TOTAL |
P360,000 |
TOTAL |
P360,000 |
|
DATE |
|
BOOK VALUE |
|
JAN. 2020 |
90,000 |
P120,000 |
|
FEB. 2020 |
100,000 |
P80,000 |
|
MAR. 2020 |
125,000 |
P100,000 |
Liquidation expenses paid are as follows:
January – P3,000
February – P5,000
Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?
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