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Problem - April, May and June are partners in Summer Partnership and share profits and losses 50%, 30% and 20% respectively. The partners have agreed to liquidate the partnership and some liquidation expenses to be incurred. Prior to the liquidation, the statement of financial position of the partnership reflects the following book values:
Cash P25,200
Noncash assets 297,600
Notes payable to June 38,400
Other liabilities 184,800
April, Capital 72,000
May, Capital (12,000)
June, Capital 39,600
Assuming that the actual liquidation expenses are P16,800 and that the noncash assets with a book value of P240,000 are sold for P216,000. How much cash should June receive?
a. P39,600
b. P0
c. P1,200
d. P38,400
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