Reference no: EM132576413
Question - Blacky and Whitey decided to liquidate their partnership business on June 1, 2012, under lump-sum liquidation. The partners had been sharing profits and losses on a 60:40 ratios. The statement of financial position prepared on the day of liquidation began was as follows:
Assets Liabilities and Capital
Cash P 18,000 Accounts Payable P 42,000
Receivables 75,000 Blacky, Loan 24,000
Inventory 90,000 Blacky, Capital 102,000
Other Assets 84,000 Whitey, Loan 90,000
Whitey, Capital 9,000
Total P 267,000 Total P 267,000
During June, one-third of the receivables was collected; P45,000 of inventory was sold at an average of 70% of book value; other assets were sold for P36,000. How much should Whitey receive upon liquidation?
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