AA, BB, and CC are partners in ABC Partnership and share profits and losses 50%, 30%...

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AA, BB, and CC are partners in ABC Partnership and share profits and losses 50%, 30% and 20%, respectively. The partners have agreed to liquidate the partnership and some liquidation expenses to be incurred. Prior to the liquidation, the partnership balance sheet reflects the following book values: Cash........ Non-cash assets........ Notes payable to CC..... Other liabilities........ AA, capital .... BB, capital deficit CC, capital ......... Assuming that the actual liquidation expenses are P16,800 and that the non-cash assets with a book value of P240,000 are sold for P216,000. How much cash should CC receive? a. b. P46,457 39,600 C. d. ..... P 25,200 297,600 38,400 184,800 72,000 (12,000) 39,600 P74,571 -0- AA, BB, and CC are partners in ABC Partnership and share profits and losses 50%, 30% and 20%, respectively. The partners have agreed to liquidate the partnership and some liquidation expenses to be incurred. Prior to the liquidation, the partnership balance sheet reflects the following book values: Cash........ Non-cash assets........ Notes payable to CC..... Other liabilities........ AA, capital .... BB, capital deficit CC, capital ......... Assuming that the actual liquidation expenses are P16,800 and that the non-cash assets with a book value of P240,000 are sold for P216,000. How much cash should CC receive? a. b. P46,457 39,600 C. d. ..... P 25,200 297,600 38,400 184,800 72,000 (12,000) 39,600 P74,571 -0-

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