Reference no: EM132788518

Nano and Ompong are partners sharing profits and losses in the ratio of 55% and 45% Nano's capital investment is P45,000 and Ompong's is P35,000 It is decided by the partners that the business should be dissolved The firm has liabilities of P72,000, including P9,000 owing to Ompong and P6,000 owing to Nano on loans. After realization, the cash on hand amounts to P75,000

Problem 1: How much Ompong should receive from the P75,000 cash distribution?

Option 1: P 40,000

Option 2: P 10,650

Option 3: P 7,650

Option 4: P 9,350