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Question - The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below:
CASH
P50,000
LIABILITIES
P80,000
OTHER ASSETS
300,000
A, LOAN
20,000
RECEIVABLE FROM B
10,000
A, CAPITAL
120,000
B, CAPITAL
90,000
C, CAPITAL
50,000
TOTAL
P360,000
Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets were realized as follows:
DATE
CASH RECEIVED
BOOK VALUE
JAN. 2020
P120,000
FEB. 2020
100,000
MAR. 2020
125,000
P100,000
Liquidation expenses paid are as follows:
January - P3,000
February - P5,000
Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?
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