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How much did bully receive at the point

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Reference no: EM132877460

CASH ?

Non Cash assets (incl. loan to Arlene of 20,000 ) 580,000

Liabilities 200,000

Loan from bully 40,000

Labby Capital (30%) 180,000

Arlene Capital (50%) 120,00

Bully Capital (20%) 60,000

The partners decided to liquidate the partnership. They estimated that the non cash assets will be realized at P300,000 over the next three-months and cash is to be distributed to the appropriate parties as it becomes available during the liquidation process.

Problem 1: If Labby received P10,000 in the 1st settlement, then the total cash distributed to partners amounts to:

a. P10,000

b. P30,000

c. P180,000

d. P150,000

Problem 2: Assuming Arlene received a total P30,000, how much did Bully receive at this point?

a. P30,000

b. P72,000

c. P60,000

d. 0

Reference no: EM132877460

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