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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.
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