Reference no: EM132772013
Problem 1: The firm of JJ, KK, LL, and MM decides to liquidate. Partners share profits and losses as follows: JJ, 40%; KK, 35%; LL, 15%; and MM, 10%. The partnership trial balance on October 1, 2010 the date on which liquidation begins, follows: Debit Credit Cash P10,000 Accounts payable P 9,000 Other assets 255,500 JJ, loan 18,000 KK, loan 30,000 JJ, capital 60,000 KK, capital 64,500 LL, capital 54,000 MM, capital 30,000 Total P265,500 Total P265,500 6. Cash of P38, 100 is available at the end of October. How much cash is distributed to KK?
A. 0
B. P5, 100
C. P7,350
D. P16,650
E. None of the above
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