Question: 3. Partners Macky, Joey and Vico share profits and losses in the ratio of 5:3:2. At the end of a very unprofitable year, they

3. Partners Macky, Joey and Vico share profits and losses in the

3. Partners Macky, Joey and Vico share profits and losses in the ratio of 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: Macky Joey Vico P22,000 24,900 15,000 The liabilities accumulate to P30,000, including a loan of P10,000 from Macky. The cash balance is P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. (Hint: Use cash priority program) a. If Joey received P2,000 from the first distribution of cash, how much did Macky and Vico receive at that time? b. If Macky received a total of P20,000 as a result of the liquidation, what was the total amount realized from the sale of the non-cash assets? C. If Vico received P6,200 on the first installment of cash, how much did Joey receive at that time?

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