Reference no: EM132944977
Question - Albert, Ralph and Cristopher operate a local accounting firm as a partnership. After working together for several years, they have decided to liquidate the partnership's property. The partners have presented the following sheet:
Cash P200,000 Liabilities P400,000
Albert, loan 80,000 Ralph, loan 100,000
Noncash assets 1,620,000 Albert, capital (10%) 900,000
Ralph, capital (50%) 300,000
Christopher, capital (40%) 200,000
Total P1,900,000 Total P1,900,000
The noncash assets are sold for P 800,000, with P 210,000 of this amount being used to pay liquidation expenses. All three of these partners are personally insolvent.
Required -
1. How much of the cash must Albert receive?
2. Assuming the total cash received by Ralph is P 300,000, how much is the selling price of noncash assets?
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