1.The partnership of Jenson, Smith, and Hart share profits and losses in the ratio of 5:3:2, respectively. The partners voted to dissolve the partnership when its assets, liabilities, and capital were as follows:

Assets

Cash P40,000

Other assets 210,000

P250,000

Liabilities and Capital

Liabilities P 60,000

Jenson, Capital48,000

Smith, Capital72,000

Hart, Capital70,000

P250,000

The partnership will be liquidated over a prolonged period of time. As cash is available it will be distributed to the partners. The first sale of noncash assets having a book value of P120,000 realized P90,000. How much cash should be distributed to each partner after this sale?

a. Jenson P0; Smith P28,800; Hart P41,200.

b. Jenson P0; Smith P30,000; Hart P40,000.

c. Jenson P35,000; Smith P21,000; Hart P14,000.

d. Jenson P45,000; Smith P27,000; Hart P18,000.