The GBE partnership became insolvent on January 1, 2021, and the partnership is being liquidated as...

 

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The GBE partnership became insolvent on January 1, 2021, and the partnership is being liquidated as soon as practicable. In this respect of the following information for the partner as follows: Capital balance of: G- P70,000, for B - (P60,000) and for E- (P30,000); Personal assets of G-P80,000, B-P30,000 and E-P70,000; Personal liabilities of G-P40,000, B-P40,000 and E- P30,000. Assume that residual profits and losses are shared equally among the three partners. Based on this information calculate the maximum amount that G can expect to receive from the partnership. A and B formed a joint operation. The following were the transactions during the year: Total purchases 400 320 Total sales 480 240 Expenses paid 800 Other income 40 The joint operation was completed at the end of the year. Each joint operator is entitled to a 10% commission on its purchases and a 20% commission on its sales. Any remaining profit or loss is divided equally. On the cash settlement, how much should A received from B? The GBE partnership became insolvent on January 1, 2021, and the partnership is being liquidated as soon as practicable. In this respect of the following information for the partner as follows: Capital balance of: G- P70,000, for B - (P60,000) and for E- (P30,000); Personal assets of G-P80,000, B-P30,000 and E-P70,000; Personal liabilities of G-P40,000, B-P40,000 and E- P30,000. Assume that residual profits and losses are shared equally among the three partners. Based on this information calculate the maximum amount that G can expect to receive from the partnership. A and B formed a joint operation. The following were the transactions during the year: Total purchases 400 320 Total sales 480 240 Expenses paid 800 Other income 40 The joint operation was completed at the end of the year. Each joint operator is entitled to a 10% commission on its purchases and a 20% commission on its sales. Any remaining profit or loss is divided equally. On the cash settlement, how much should A received from B?