Reference no: EM132315476

Answer the Following Questions :

1. Randy, Sandy and Tammy decided to liquidate the partnership on November 30, 2018. Their capital balances and profit ratio as of date are shown below:
                Capital      Ratio

Randy       P 50,000     40%      17,600
Sandy         60,000     30%      13,200
Tammy        20,000     30%      13,200

The net income for 2018, as of date, is P44,000. Cash and liabilities amounted to P40,000 and P90,000, respectively.

For Randy to receive P55,200 in full settlement of his interest in the firm, how much must be realized from the sale of non-cash assets?

2. Using the same information above, how much was received by the other partners?

3. Using the same information in no. 8, How much should the non-cash assets be sold to avoid incurring capital deficit? Ignore liquidation expenses.