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Who among the partner will receive the cash

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Reference no: EM132758131

On December 31, 2019, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 4:1:5 is presented below:

Cash P500,000

Liability to creditors 1,000,000

Noncash asset 2,000,000

A, capital 875,000

B, capital 375,000

C, capital 250,000

On January 1, 2020, ABC partnership decided to liquidate. During their first month of liquidation, noncash asset with book value of P1,500,000 has been sold at a loss of P500,000. Liquidation expense amounting to P100,000 has been incurred and paid for the month of January while P150,000 is anticipated in the coming period. Liability to creditors has been paid.

Problem1 : Who among the partner/s will receive the cash on the first month of liquidation?

Reference no: EM132758131

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