EX-1. On June 11, 2020, A, B, and C form a partnership investing cash of P 15,000, P 13,500, and P 4,200, respectively. The partners share profits 3:2:2 and on August 30, 2020, they have cash of P 1,000, and other assets of P 47,500; liabilities are P 25,600. On this date they decide to go out of business and sell all the assets for P 30,000. C has personal assets of P 1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to B upon liquidation of the partnership?
EX-1. On June 11, 2020, A, B, and C form a partnership investing cash of P 15,000, P 13,500, and P 4,200, respectively. The partners share profits 3:2:2 and on August 30, 2020, they have cash of P 1,000, and other assets of P 47,500; liabilities are P 25,600. On this date they decide to go out of business and sell all the assets for P 30,000. C has personal assets of P 1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to B upon liquidation of the partnership?
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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EX-1. On June 11, 2020, A, B, and C form a
13,500, and P 4,200, respectively. The partners share profits 3:2:2 and on August 30,
2020, they have cash of P 1,000, and other assets of P 47,500; liabilities are P 25,600.
On this date they decide to go out of business and sell all the assets for P 30,000. C has
personal assets of P 1,500 that may, if necessary, be used to meet partnership
obligations. How much should be distributed to B upon liquidation of the partnership?
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