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Find how much cash will be distributed to the partners

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Reference no: EM132733643

On January 1, 2020, Bankruptcy Partnership entered liquidation. The partner's balances on this date are as follows:

Anno (25%) P125,000

Caring (35%) P270,000

Janang (40%) P185,000

The partnership has liabilities amounting to P220,000, including a loan from Caring P30,000. Cash on hand before the start of liquidation is P40,000.

Problem 1: Assume that certain assets were sold for P370,000 and the rest of the noncash assets were sold at a loss of P210,000. How much cash will be distributed to the partners?

Group of answer choices

a. P220,000

b. P590,000

c. P370,000

d. P400,000

Reference no: EM132733643

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