Reference no: EM132764392
The ABC Partnership has assets with book value of P240,000 and a market value of P195,000, outside liabilities of P70,000, loans payable to Partner A of P20,000 and capital balances for Partners A, B and C of P70,000, P30,000 and P50,000 respectively. The partners share profits and losses equally.
Problem 1: How would the first P100,000 of available assets be distributed?
a. P70,000 to outside liabilities, P20,000 to A, and the balance equally among the partners
b. P70,000 to outside liabilities and P30,000 to A
c. P70,000 to outside liabilities, P25,000 to A and P5,000 to C
d. P40,000 to A, P20,000 to C and the balance equally among partners
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