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A Statement of Financial Position for the partnership of Dy, Sy and Lee, who share profits in the ratio of 2:1:1, respectively shows the following balances just before liquidation:
Cash P 12,000
Other Assets 59,500
Liabilities 20,000
Dy, capital 22,000
Sy, capital 15,500
Lee, capital 14,000
Problem 1: On the first month of the liquidation, certain assets are sold for P32,000. Liquidation expenses of P1,000 are paid, and additional liquidation expenses are anticipated. Liabilities are paid amounting to P5,400, and sufficient cash is retained to insure the payment to creditors before making payments to partners. On the first payment to partners, Dy receives P6,250. The total cash distributed to the partners in the first installment is:
A. P10,000
B. P12,500
C. P20,000
D. P25,000
Financial Statement Analysis and Preparation
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