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How much cash should gina receive

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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

Reference no: EM132652967

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