Reference no: EM132815938
Question - Collang, Butann and Dalie are partners in a partnership and share profits and losses 50%, 30%, and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate that liquidation expenses will total P14,000. Prior to the liquidation, the partnership balance sheet reflects the following book values:
Cash 21,000
Noncash assets 248,000
Notes payable to Dalie 32,000
Other liabilities 154,000
Collang, capital 60,000
Butann, capital (deficit) (10,000)
Dalie, capital 33,000
Assuming that the capital liquidation expenses are P14,000 and that non-cash assets are sold for P218,000, how much would be distributed to Collan if Butann has net personal assets of P8,500?
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