Reference no: EM132824541
Question - Amy, Troy and Wisky are partners. On January 3, 2015, their capital balances and profit and loss ratio are as follows: Amy, P500,000 60%, Troy , P100,000 25%; Wisky, P120,000 15%. Wisky withdrew P20,000 during the year. Net lo ss on December 31, 2015 totaled P40,000. Hence, the partners decided to liquidate the partnership. It is uncertain how much of the assets will ultimately yield but favourable realization is expected. It is therefore agreed to distribute cash as it becomes available. There are unpaid liabilities of P10,000 and cash on hand of P1,400.
1) Find the amount of noncash assets before liquidation?
a. 220,000
b. 218,600
c. 210,000
d. 208,600
e. none of these
2) Find the amount to be realized by the partnership on the sale of its assets so that Amy will receive a total of P38,000 in the final settlement of her interest?
a. 206,600
b. 18,600
c. 238,600
d. 12,000
e. none of these
3) Assuming Wisky received a total of P66,000, find the amount that Troy would have received using priority program?
a. 0
b. 4,000
c. 10,000
d. 43,333
e. 40,335
f. 45,330
g. none of these
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