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Eli, Emi and Epi divide profits and losses in a 2:3:4 ratio. Just prior to liquidating their partnership, their respective account balances were P50,000, P96,000 and P74,000 as of April 1, 20x6. Their total assets include cash of P5,000 and a loan to Eli for P10,000, while their total liabilities of P90,000 include a loan from Epi for P30,000. The partners agreed to distribute cash as it becomes available at each-month end. Realization proceeds were P68,000 in April, P56,000 in May and P63,000 in June.
Problem 1: In the cash distribution on May 31, 20x6, the distributive share of Emi amounted to:
Option 1: 26,000
Option 2: 39,000
Option 3: 13,000
Option 4: 0
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