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How much will freddie receive

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Reference no: EM132951993

Question - The capital balances of partners Freddie, Bernie and Teddy are P140,000, P100,000 and P140,000. Profits are shared 30%, 20% and 50%, respectively. Partnership assets totaled P580,000 including Cash of P120,000. Upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all of the claim except one for P20,000. All partners are solvent. How much will Freddie receive?

a. P20,000

b. P24,000

c. P16,000

d. P0

Reference no: EM132951993

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