Reference no: EM132580505
The partnership of AA, BB, and CC was dissolved on June 30, 20x1 and account balances after non-cash assets were converted into cash on September 1, 2004 are:
Cash.................................P50,000
Accounts payable P120,000
AA, capital (30%) 90,000
BB, capital (30%) (60,000)
CC, capital (40%) (100,000)
Personal assets and liabilities of the partners at September 1, 20x1 are:
Personal Personal
Assets Liabilities
AA.................................................................... P80,000 P90,000
BB.................................................................. 100,000 61,000
CC.................................................................. 192,000 80,000
Question 1: If CC contributes P70,000 to the partnership to provide cash to pay the creditors, what amount of AA's P90,000 partnership equity would appear to be recoverable?
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