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How much cash should C receive

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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?

Reference no: EM132962602

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