Reference no: EM132962602
Question - On December 31, 2018, A, B, and C decided to liquidate their partnership. The statement of financial position accounts consisted of the following prior to liquidation:
Cash - P100,000
Loan to B - P25,000
Other assets - P1,075,000
Liabilities to outsiders - P603,000
Due to C - P32,000
A, Capital - P216,000
B, Capital - P187,000
C, Capital - P162,000
A, B, and C share profits and losses in the ratio of 4:4:2, respectively.
The partnership was able to sell all the other assets for P500,000 and paid liquidation expenses of P5,000. A and C are personally solvent while B is personally insolvent.
Required - How much cash should C receive?