Reference no: EM132652967
Question - The following statement of financial position was prepared for the partnership of Elaine, Flor and Gina as of March 31, 2019:
Assets Equities
Cash P25,000 Liabilities P52,000
Other assets 180,000 Elaine, capital 40,000
Flor, capital 65,000
Gina, capital 48,000
Total assets P205,000 Total equities P205,000
They share profits in the ratio of 4:4:2. The partnership is being liquidated and the first sale of noncash assets having a book value of P90,000 realized P50,000.
The amount of cash each partner should receive in the first installment is:
Elaine Flor Gina
A. 0 5,000 18,000
B. 12,000 13,000 22,000
C. 27,000 5,000 18,000
D. 24,000 49,000 40,000
Assuming P3,000 cash is withheld for possible liquidation expenses, how much cash should Gina receive?
A. 3,000
B. 17,000
C. 21,000
D. 40,000