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How much of the cash must Albert receive

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Question - Albert, Ralph and Cristopher operate a local accounting firm as a partnership. After working together for several years, they have decided to liquidate the partnership's property. The partners have presented the following sheet:

Cash P200,000 Liabilities P400,000

Albert, loan 80,000 Ralph, loan 100,000

Noncash assets 1,620,000 Albert, capital (10%) 900,000

Ralph, capital (50%) 300,000

Christopher, capital (40%) 200,000

Total P1,900,000 Total P1,900,000

The noncash assets are sold for P 800,000, with P 210,000 of this amount being used to pay liquidation expenses. All three of these partners are personally insolvent.

Required -

1. How much of the cash must Albert receive?

2. Assuming the total cash received by Ralph is P 300,000, how much is the selling price of noncash assets?

Reference no: EM132944977

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