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Prepare a schedule of distribution

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Question - Carl, Decker and Easton formed a partnership on July 1, 2014, each partner investing P250,000. On August 1, 2014, Carl was advanced P100,000 by the firm. On September 1, 2014, Decker made a loan to the firm of P200,000. Interest is to be charged on advances to partners and credited on loans by partners at the rate of 6%. Business is unsatisfactory and the partners decided to dissolve the partnership. Eaton is allowed a special compensation of P25,000 for managing the sale of the assets and settlement with creditors. On December 31, all assets have been sold, outside creditors have been paid and cash of P350,000 is distributed to the partners. All partners are personally solvent and final settlement is made among partners on February 10, 2015. Prepare a schedule of distribution of the P350,000 to all the partners.

Reference no: EM133081293

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