Reference no: EM132904420

MARY, PAMELA ANN, and ROSE ANN are partners dividing profit and losses of the partnership in the agreed ratio of 1:2:3. The following are the ledger balances at the start of liquidation:

Cash P50, 000                               Accounts payable P120, 000
Noncash assets 670, 000                Loan Payable - ROSE 10, 000
Loans Receivable - MARIE 30, 000    Loan Payable - ANNE 20, 000
                                                  MARY, Capital 150, 000
                                                      ROSE, Capital 200, 000
-                                                   ANNE, Capital 250, 000
Total P750, 000                                   Total P750, 000

REQUIRED:

Problem 1: The cash priority of MARY over ROSE is?

Problem 2: If MARY received P38, 333 in the 1st distribution, how much cash did ANNE receive?

Problem 3: If MARY received P25, 000 in the 1st cash distribution, how much cash did ROSE receive?