Advanced accounting

Question 3: (Total 10 marks: 8 marks for (a) and 2 marks for (b) PBA partnership displays the following balance sheet items prior to the liquidation. Partners prot and losses ratios are (50%) P, (25%) B and (25%) for A. Cash 33,000 liabilities 50,000 Other assets 100,000 capital P 24,000 Total 133,@ capital B 29,000 capital A 30,000 Total 133,000 Other information: 1. Other assets are sold for the value of 80,000 $ 2. Liabilities are paid in full 3.Other Liquidation expenses of 15,000 $ are paid Required : a. Prepare the liquidation schedule for PBA partnership. (8 marks) b.What is the amount of cash received by each partner. (2 marks)