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How much should a and c receive upon liquidation

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Reference no: EM132760851

On December 31, 2020, the accounting records of the ABC partnership included the following information:

A, drawing (debit balance) P 24,000 A, capital P 123,000

B, drawing (debit balance) 9,000 B, capital 100,500

C, loan 30,000 C, capital 108,000

Problem 1: Total assets amounted to P 478,500, including P 52,500 cash, and liabilities totaled P 150,000. The partnership was liquidated on December 31, 2020, and B received P 83,250 cash pursuant to the liquidation. A, B, and C share net income and losses in a 5:3:2 ratio respectively. How much should A and C receive upon liquidation of the partnership?

Reference no: EM132760851

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