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What amount of cash that c should receive

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Reference no: EM132797417

The following data was prepared for ABC Partnership regarding their liquidation on June 1,2020

Assets                                  Liabilities and Equity

Cash P25,000                Accounts Payable 52,000

Inventory 100,000             A, Capital (40%) 40,000

Equipment 80,000                 B, Capital (40%) 65,000

C, Capital (20%) 48,000

Total Assets P205,000         Total Liabilities and Equity P205,000

Inventory with a book value of 90,000 was sold for 50,000.Cash amounting to 3,000 was withheld for future liquidation expenses.

Problem 1, The amount of cash that C should receive in the first realization of assets is?

a.15,000

b.17,000

c.3,000

d.5,000

Problem 2, The amount received by B is?

a.15,000

b.17,000

c.3,000

d.5,000

Reference no: EM132797417

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