Reference no: EM132585447

The partnership ray,may and jay is to be liquidated. Their books reflect beginning cash balance of P 200 000, liabilities of P 350 000, Ray capital 30%, P 300 000; May capital 25% for P 450 000 ; Jap capital 45% for P 350 000. the partnership is to be liquidated on an installment basis. the details of the first installment sale is as follow

        book value of non-cash asset       sale of non-cash asset      liquidating expense     liabilities paid   expected liquidating expense

1st P    250 000                                    205 000                             20 000                150 000                         25 000

2nd         100 000                                 30 000                            10 000                 150 000                           30 000

Cash is distributed to the partners as it becomes available. In the 3rd installment sale, P 200 000, of the NCAs are sold for P 150 000; P 30 000 of the liabilities and P 10 000 liquidating expenses are paid; and P 130 000 cash is distributed to the partners

Question 1: Determine the capital of may after the third installment of NCAs