Reference no: EM133060305
Question - Partners W, X, Y, Z, who share profits 5:3:1:1 respectively, decide to dissolve their partnership. Capital balances at this time are P60,000, P40,000, P30,000, P10,000 respectively.
Additional information: Cash on hand at the beginning is P2,500. Partnership furniture with a book value of P12,000 is to be taken over by Partner W at a price of P10,000 in full settlement of a loan payable to W.
Partnership creditors' claims of P20,000 and liquidation expenses or P3,000 are to be paid off and the balance of cash amounting to P56,000 was paid to the partners.
Required - What amount was received by Partner W from the P56,000 cash distributed?
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