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What amount of the available cash should be distributed

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The following condensed balance sheet is presented for the partnership of BBB and AAA, who share profits and losses on the ratio of 60:40, respectively:

Other assets P 450,000
BBB loan 20,000
P 470,000
Accounts payable P 120,000
BBB, capital 195,000
AAA, capital 155,000
Total P 470,000

Problem 1: The partners have decided to liquidate the partnership. If the other assets are sold P385,000, what amount of the available cash should be distributed to BBB?

a. P136,000          c. P159,000
b. P156,000          d. P195,000

Reference no: EM132773586

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