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B. April, May and June are partners. The following balances are obtained prior to liquidation. April (50%) May (20%) June (30%) Capital Balances P 400,000 P 300,000 P 250,000 Loan (Receivables) Payables ( 50,000) 80,000 30,000 Assets are sold and cash is distributed to the partners in monthly installments. During the course of liquidation, cash made available to the partners are as follows: April P 200,000 May 350,000 June 250,000 3. What amount of cash was paid to May in the first month of liquidation? 4. How much did April receive in the last month of liquidation?7. The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows: Mara - P 140,000; Mira - P 100,000; Kara - P 120,000. The articles of partnership provided the following terms: 1. Annual interest of 5% on their average capital balances. 2. Salary allowances as follows: Mara - P 40,000 and Mira - P 60,000. 3. Mira shall receive bonus of 20% of income in excess of P25,000 after partner's interest and Salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Mara, Mira and Kara. How much will Mira receive if the net income earned is P 155,000? 1 1 Page: 1/2 Section: 1/1 SetValue: 4.Sin|Row 16 Column: 43 Words: 937 [ Spell Check . 191% - - +