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How should the available cash be distributed to each partner

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PARTNERSHIP LIQUIDATION

The following balance sheet is presented for the partnership of A, B and C , who share profits and losses in the respectively ratios of 5:3:2.

ASSETS

Cash P 120,000

Other Assets P 1,080,000

LIABILITIES AND CAPITAL

Liabilities P 280,000

Total Assets P 1,200,000

A, Capital P 560,000

B, Capital P 320,000

C, Capital P 40,000

TOTAL P 1,200,000

Problem 1: Assume that the three partners decided to liquidate the partnership. If the other assets are sold for P800,000, how should the available cash be distributed to each partner?

Reference no: EM132823434

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