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How much cash will be distributed to partners

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Question - On January 1, 2020, ACJ Partnership entered into liquidation. The partners' profit sharing and capital balances on this date were as follows: A (25%) P2,500,000; C (35%) P5,400,000; and J (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000 including a loan from C in the amount of P600,000. Cash on hand prior to the liquidation process is P800,000. Noncash assets amounting to P7,400,000 were sold at their carrying amount, and the remainder of the noncash assets were sold at a loss of P4,200,000. How much cash will be distributed to partners?

Reference no: EM133189388

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