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How much cash will be distributed to the partners

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Question - On January 1, 20x15, Jennie Co entered into liquidation. The partners' capital balances on this date are as follows: A(25%) P125,000; B(35%) P270,000 and C(40%) P185,000. The partnership has liabilities amounting to P220,000 excluding a loan from B of 30,000. Cash on hand before the start of liquidation is P40,000.

After exhausting the non-cash assets of the partnership, how much cash must be invested by the partners to satisfy the claims of the outside creditors and pay the amount due to the partners?

Additional information for the question above: Certain assets were sold for P370,000 and the rest of the non-cash assets were sold at a loss of 210,000. How much cash will be distributed to the partners?

Reference no: EM132859625

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