The following balance sheet was prepared for the X, Y and Z partnership on March 31, 2021: Cash – P25,000; Other Assets – P180,000; Liabilities – P52,000; X, Capital (40%) – P40,000; Y, Capital (40%) – P65,000; Z, Capital (20%) – P48,000. The partnership is being liquidated by the sale of assets in installments. The first sale of non-cash assets having book value of P90,000 realizes P50,000. Assume that each partner properly received some cash after the second sale of assets. The cash to be distributed amount to P14,000 from the third sale of assets, and unsold assets with a P6,000 book value remain. How should the P14,000 be distributed to X, Y and Z respectively

Answer rating: 100% (QA)

Stepbystep explanation 24 Amount of cash to be distributed 14000 Tan 14000 x 40 5600 Lim 14000 x 40 ... View the full answer