Reference no: EM132904444
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: If MARY received P38, 333 in the 1st distribution, how much cash did ANNE receive?
a. P0
B. P25, 000
C. P30, 000
D. P46, 667
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