10. A, B & C have profit and loss ratios of 4:3:3 each respectively and beginning capital balances of P60,000, P80,000 and P45,000 each respectively. Since the partnership is undergoing difficulty, the partners agree to admit D as a new partner for a 20% interest, upon D's investment of P20,000 cash and an asset with a book value of P50,000 and fair value of P45,000 subject to a mortgage that the partnership will absorb. After D's admission, A & B's capital increase by P14,000 and the agreed capital of the partnership is higher than the contributed capital by P30,000. How much is the mortgage of the asset?

28,750

13,750

23,750

18,750

11. A, B and C have capital balances of P600,000, P1,000,000 and P360,000 each respectively and they share profits in the respective ratio of 4:2:1. B received P520,000 as a result of liquidating the partnership after the partnership pays only P30,000 of the current P40,000 liabilities and anticipating future liquidating expenses of P20,000. The loss on realization of the non-cash assets is:

P1,320,000

P1,680,000

P1,300,000

P1,660,000

12. The total of the partners', capital accounts was P110,000 before the recognition of partnership asset revaluation in preparation for the final withdrawal of a partner whose profit or loss sharing is 2/10. He was paid P28,000 by the firm in final settlement for his interest. The remaining partners' capital accounts, excluding their share of the assets revaluation, totaled P90,000 after his withdrawal. The total asset revaluation of the firm agreed upon was:

P40,000

P28,000

P 8,000

P20,000

13. A(50), B(25) & C(25) have capital balances of P60,000, P20,000 and P50,000 each respectively. The partnership also has liabilities of P20,000. In the first installment sale, P50,000 of the non-cash assets were sold for P30,000. The partnership then paid 60% of their liabilities, incurred liquidating expenses of P10,000 and distributed cash to the partners. If A receives P10,000, how much was the total cash withheld by the partnership?

28,000

18,000

23,000

20,000