Reference no: EM132927778

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?