Reference no: EM132904272
MARY, PAMELA ANN, and ROSE ANN are partners dividing profit and losses of the partnership in the agreed ratio of 1:2:3. The following are the ledger balances at the start of liquidation:
Cash P50, 000
Accounts payable P120, 000
Noncash assets 670, 000
Loan Payable - ROSE 10, 000
Loans Receivable - MARIE 30, 000
Loan Payable - ANNE 20, 000
MARY, Capital 150, 000
ROSE, Capital 200, 000
ANNE, Capital 250, 000
Total P750, 000 Total P750, 000
Problem 1: The cash priority of MARY over ROSE is
a. P10, 000
b. P15, 000
c. P20, 000
d. P30, 000
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