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How much cash should be distributed to each partner

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Question - On January 1, 2009, partners AAA, BBB and CCC, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date, the partnership's condensed balance sheet was as follows:

Cash P50,000

Other assets 250,000

P300,000

Liabilities P 60,000

AAA, capital 80,000

CCC, capital 90,000

BBB, capital 70,000

Total P300,000

On June 15, 2009, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe installment payments to the partners were made the same date. How much cash should be distributed to each partner?

Reference no: EM132568888

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