How much cash was received by july

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The condensed balance sheet of May, June, and July as of March 31,2021 follows:

PARTNERSHIP LIQUIDATION

Cash P28,000

Other Assets 265,000

Liabilities P48,000

May, Capital 95,000

June, Capital 80,000

Total P293,000

July, Capital 70,000

Total P293,000

Problem 1: The income and loss ratio is 50:25:25, respectively. The partners voted to dissolve their partnership and liquidate by selling other assets in installments. P70,000 was realized on the first cash sale of other assets with a book value of P150,000. After settlement with creditors, all cash available was distributed to the partners. How much cash was received by July?

Reference no: EM132823436

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