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How should the available cash be distributed to each partner

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Question - 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 P120,000

Other Assets P1,080,000

LIABILITIES AND CAPITAL

Liabilities P280,000

Total Assets P1,200,000

A, Capital P560,000

B, Capital P320,000

C, Capital P40,000

TOTAL P1,200,000

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: EM132890536

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