Reference no: EM132975275
Question - A, B and C are partners in a business being liquidated. The partnership has cash of P22,000, noncash assets with a book value of P264,000 and liabilities of P173,250. The following data relates to the patterns as of June 1, 2013:
(a) A has a capital balance of P129,250, personal assets of P27,500, personal liabilities of P13,750.
(b) B extended a loan to the partnership in the amount of P13,750, deficit of P38,500, personal asset of P41,250,personal liabilities of P16,500.
(c) C has a capital balance of P8,250, personal assets of P68,750 and personal liabilities of P41,250.
(d) Their profit and loss ratio is 3:1:1, A, B and C, respectively.
On June 12, 2013, assets with a book value of P82,500 were sold for P55,000 cash. The proceeds were used to pay off liabilities of the partnership. During the remainder of June, no additional assets were realized and outside creditors began to pressure the partnership for payment.
On July 3, the partners agreed to contribute personal assets, to whatever extent possible, in order to eliminate their respective deficits.
Shortly thereafter, assets with book value of P55,000 and a fair value of P63,250 were distributed to A. Assuming additional noncash assets with book value of P110,000 were sold in July for P148,500.
How much cash would be distributed to C? A. P12,100 C. P3,850 B. P8,800 D. P550
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