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Determine the amount of cash

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Reference no: EM132941248

Problem - When Conde and Dalmacio, partners who share earnings equally, were incapacitated in an airplane accident, a liquidator was appointed to wind up their business. The accounts showed cash, P70,000; other assets, P220,000; liabilities, P40,000; Conde's capital, P142,000 and Dalmacio's capital P180,000. Because of the highly specialized nature of the non-cash assets, the liquidator anticipated that considerable time would be required to dispose them. The expense of liquidating the business (advertising, rent, travel, etc.) are estimated at P20,000. Determine the amount of cash that can be distributed safely to each partner at this point.

Reference no: EM132941248

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