What is the amount received by partner U

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Question - On August 20, 2020, T, U and V form a partnership investing cash of P105,000; P94,500 and P29,400, respectively. The partners share profits 3:2:2 and on November 30, 2020, they have cash of P7,000; other assets of P322,500; and liabilities of P179,200. On this date, they decided to go out of business and sell all the assets for P210,000. V has personal assets of P10,500 that may, if necessary, be used to meet partnership obligations. What is the amount received by partner U at the end of liquidation?

Reference no: EM132600915

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