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What is the amount of available cash as of first installment

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Question - PARTNERDHIP LIQUIDATION - XYZ Co.'s statement of financial position shows the following account balances before liquidation:

Cash P60,000

Other Assets 870,000

Total Assets P930,000

Accounts payable P60,000

Payable to Y 40,000

X, Capital (20%) 160,000

Y, Capital (30%) 260,000

Z, Capital (50%) 410,000

Total Liabilities & Equity P930,000

In the first installment, a portion of the other assets with a carrying amount of P540,000 was sold for only P390,000. Liquidation expenses amounting to P6,000 were paid.

Required -

a. Safe payment schedule for the 1st installment showing the total and the amounts of safe cash payments distributed to partners X, Y, and Z.

b. Using the cash priority program, what are the loss absorption capacity of partners X, Y, and Z, respectively?

c. Cash priority program for the 1st installment showing the priority cash payments to each partner.

d. What is the amount of available cash as of first installment?

e. Show how the available cash in the 1st installment will be distributed to partners X, Y, and Z according to cash priority program.

Reference no: EM132885751

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