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What the share of joy in the distribution of cash should be

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Problem 1: Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and P5,000 respectively on December 31, 2019. The partners' profit and loss ratio is 3:2:1 respectively. The partners decided to liquidate the partnership and sold all non-cash assets for P37,000. After settlement of all liabilities amounting to P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital deficiency is uncollectible, the share of Joy in the distribution of cash should be:

a. P10,200
b. P11,000
c. P17,000
d. 17,800

Reference no: EM132729973

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