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How much cash should be distributed to each partner

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Reference no: EM132490932

Installment Liquidation: Schedule of Safe Payments

Partners Max, Ace and Cole share profits and losses in the ratio of 5:31. The partners decided to liquidate the partnership. Their statement of financial posit prior to liquidation is:

Assets

Cash                400, 000

Other Assets 2, 100, 000

Total Assets 2, 500, 000

Liabilities & Capital

Liabilities 600, 000

Max, Loan 80, 000

Max, Capital 400, 000

Ace, Capital 720, 000

Cole, Capital 700, 000

Total Liabilities & Capital 2, 500, 000

  1. The partnership is to be liquidated by installment. The first sale of non-cash assets costing P1,200,000 realized P900,000. Liquidation expenses paid amounted to P20,000

Required:

Question 1: How much cash should be distributed to each partner?

Reference no: EM132490932

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