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Compute the final cash settlement to Owen and Adar

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Question - After working together for 3 years, partners Owen and Adar, who share profits 3:2 decided to liquidate the partnership. Owen and Adar had capital balances of P85,000 and P45,000 respectively, prior to liquidation. If the noncash assets are realized at P10,000 below book value, compute the final cash settlement to Owen and Adar?

A. P70,000; P70,000

B. P60,000; P60,000

C. P79,000; P41,000

D. P91,000; P49,000

E. P72,000; P48,000

Reference no: EM132787841

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