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How much is the amount of cash withheld for anticipated

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A balance sheet for the partnership of A,B, and C, who share profits in the ratio of 2:1:1, shows the following balances just before liquidation:

Cash P 12,000 A, capital P 22,000

Other Assets 59,500 B, capital 15,500

Liabilities 20,000 C, capital 14,000

Problem 1: On the first month of the liquidation, certain assets are sold for P 32,000. Liquidation expenses of P 1,000 are paid, and additional liquidation expenses are anticipated. Liabilities are paid amounting to P 5,400, and sufficient cash is retained to insure the payment to creditors before making payments to partners. On the first payment to partner, A receives P 6,250. How much is the amount of cash withheld for anticipated liquidation expenses and unpaid liabilities?

Reference no: EM132760854

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