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Find the amount of cash withheld

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Question - A balance sheet for the partnership of Denis, Sarah and Lyndon, who share profits in the ratio of 2:1:1, shows the following balances just before liquidation:

Cash P72,000

Denis, capital P132,000

Other assets 357,000

Sarah, capital 93,000

Liabilities 120,000

Lyndon, capital 84,000

On the first month of liquidation, certain assets are sold for P192,000. Liquidation expenses of P6,000 are paid and additional liquidation expenses are anticipated. Liabilities are paid amounting to P32, 400 and sufficient cash is retained to insure the payment of creditors before making payments to partners. On the first payment to partners, Denis receives P37,500.

Required - Find the amount of cash withheld for anticipated liquidation expense?

Reference no: EM132793185

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