Reference no: EM132729951

The partners Jean, Sasha, and Heart who share profits and losses in the ratio of 5:3:2, respectively, decided to dissolve the partnership when its assets, liabilities, and capital were as follows:

Cash P 40,000;

Other assets 210,000;

Total Assets P250,000;

Liabilities P 60,000;

Jean, Capital 48,000;

Sasha, Capital 72,000;

Heart, Capital 70,000;

Total Liabilities and Capital P250,000.

Problem 1: The first sale of noncash assets having a book value of P120,000 realized P90,000. IF cash is distributed to the partners as it becomes available, how much cash should be received by Heart after the first sale?