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Compute the amount of cash distributed to each partner

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Question - PARTNERSHIP LIQUIDATION - XYZ Co.'s statement of financial position shows the following account balances before liquidation:

Cash P60,000

Other Assets 870,000

Total Assets P930,000

Accounts payable P60,000

Payable to Y 40,000

X, Capital (20%) 160,000

Y, Capital (30%) 260,000

Z, Capital (50%) 410,000

Total Liabilities & Equity P930,000

All of the other assets were sold for only P680,000. Liquidation expenses amounting to P6,000 were paid.

Requirement - Compute the amount of cash distributed to each partner.

Reference no: EM132880632

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