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Question - On January 3, 2023, L, A, and Z formed a partnership, agreeing to divide profits 2:1:1, respectively. On July 31, 2023, with operations going unfavorable, the partners decided to dissolve the firm. The following data are available:
L
A
Z
Capital Contributions
50,000
22,500
20,000
Drawings
15,000
10,000
Net Loss, July 31, P30,000
7,500
After realization, the net assets of the firm are valued at P65,000. In the settlement to the partners, how much should be paid to partner L?
Create a proposed schedule of liquidation, showing how cash could be safely distributed to the partners at this time.
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