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Question - The assets and equities of the EN, RO and MP partnership at the end of its fiscal year on October 31, 2019 are as follows:
Cash 150,000
Liabilities 500,000
Receivables 200,000
Loan from MP 120,000
Loan Receivable - RO 80,000
EN, Capital 460,000
Inventory 400,000
RO, Capital 300,000
Plant assets 700,000
MP, Capital 150,000
The partners have profit and loss ratio: EN = 25%; RO = 50%; and MP = 25%. The partners decided to liquidate the partnership. They estimate that the non-cash assets other than the loan receivable - RO can be converted into P1,000,000 cash over the two months period ending December 31, 2019. Cash is to be distributed to appropriate parties as it becomes available during liquidation process.
Under a cash priority program how much would MP receive based on P800,000 cash balance after initial sale of non-cash assets?
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