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What distribution can be made to the partners

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Question - A partnership has the following balance sheet just before the final liquidation is to begin:

Cash 26,000 Liabilities P50,000

Inventory 31,000 Art, capital (40%) 18,000

Other assets 62,000 Raymond, capital (30%) 25,000

Darby, capital (30%) 26,000

Total P119,000 Total P119,000

Liquidation expenses are estimated to be P12,000. The other assets are sold for P40,000. What distribution can be made to the partners?

Reference no: EM133145052

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