Reference no: EM132601030

Question - On January 1, 2013, ACJ Partnership entered into liquidation. The partners' capital bala were as follows: A (25%) P2,500,000; C (35%) P5,400,000; J (40%) P3,700,000. The part liabilities amounting to P4,400,000, including a loan from C P600,000. Cash on hand be liquidation is P800,000.

With the information given, answer the following independent situations:

(1) Noncash assets amounting to P7,400,000 were sold at book value and the rest assets were sold at a loss of P4,200,000. How much cash will be distributed to A. P8,000,000 C. P4,400,000 B. P7,400,000 D. P11,800,000

(2) After exhausting the noncash assets of the partnership, assuming all partners h assets more than their personal liabilities. How much cash must be invested by satisfy the claims of the outside creditors and to pay the amount due to the pa A. P3,680,000 C. P4,480,000 B. P4,360,000 D. P3,800,000

(3) If C received P2,255,000, How much was the loss from the realization of the no A. P5,255,000 C. P10,700,000 B. P10,525,000 D. P9,945,000