Reference no: EM132927804

On December 31, 2020, the Statement of Financial Position of EYBISI Partnership with profit or loss ratio of 6:1:3 of partners Anna, Belle, and Cassie respectively, revealed the following data:

Cash - 1,000,000                      Other Liabilities - 2,000,000

Receivable from Anna - 500,000     Payable to Belle - 1,000,000

Other non-cash assets - 2,000,000  Payable to Cassie - 100,000

                                                  Anna, Capital 700,000

                                                Belle, Capital (650,000)

                                             Cassie, Capital 350,000

On January 1, 2021, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The other non-cash assets were sold for $1,500,000. Liquidation expenses amounting to $100,000 were incurred.

Problem a. What amount of cash was received by Belle at the end of partnership liquidation?

Problem b. What amount of cash was received by Anna at the end of partnership liquidation?