Reference no: EM133149755
Question - Reiner, Annie and Bertolt formed a partnership while doing their mission in the Paradis Island with a profit and loss ratio of 2:3:5. Annie fell in love with Armin, a Scout Regimen, and decided to withdraw from their plan as well as in the partnership. On January 1, 2021, the partners liquidated the partnership with the following balances:
Cash 40,000 Liabilities 160,000
Other assets 700,000 Reiner, loan 60,000
Reiner, capital 20,000 Annie, capital 100,000
Bertholdt, capital 440,000
760,000 760,000
Required -
1. In preparing an advance cash distribution plan, how much Bertholdt will receive under priority 2?
2. If P440,000 cash is available for distribution, how much Bertholdt does receive?
3. After distributing P440,000, who will get the next P120,000?
4. If Annie receives P10,000, how much does Bertholdt receive at this point?
5. How much must be the total selling price of the other assets for Reiner to recover his loan?
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