1.What amount must the remaining assets be sold in order for Julia to receive P197,500 after liquidation?*

Gerald, Julia and Bea are partners who decided to terminate their partnership due to misunderstanding. Total assets of the partnership is P480,000 including cash of P30,000. Capital balances of the partners were as follows Gerald P150,000; Julia P175,000; Bea P67,500. Unpaid liabilities amounted to P87,500. Assets with a book value of P175,000 were sold for P125,000 and the cash was distributed. The P/L ratio is 5:3:2EB, WW and FF agree to sell construction tools for a period of one month. BB agrees to construct a stand on the front of the lawn of FF. FF will be paid P2,500 for cleaning up the lawn after the onemonth selling period. 00, WW and FF decide that net inoomel if any will be allocated first by the F2,500 payment to FF and then by a 40% commission on indiyidual sales. The balance will be distributed T505 to BB and 25% to WW. They agree that a cash box will complicate the matters and that all purchases and sales transactions will be outofpocitet and the responsibility of the indiyidual. Sales to 00, WW and FF are to be at oostl except that the ending inyentory may be purchased at 505-5 of cost. All other sales are to he made at 100% mark-up on cost. The activity of the joint operation is as follows: a. BB construct the stand on the front ofthe lawn at a oost of P10,000; b. 00 pays for P100,000 for yarious construction tools. FF pays P5,000 for permit to operate the concession or business; c. 00- purchases additional construction tools for FIE-0,000 using P50.000 contributed by WW and P100000 of personal money; d. Sales for the period were as follows: BB, P110000; WW, F260,000; and FF; P500120; e. FF pays H.000 for ofce supplies and these are distributed equally between BB. WW, and FF for their personal use at home. FF agrees to pay P5,000 for the stand. f. The balance of construction tools inventory was taken by BB. Requirement: Determine the amount to be receiyed {paid} by 00 during cash settlement. Bruce, Parker and May formed a partnership. Their capital balances showed the following: Bruce, Capital- P252,000; Parker, Capital- P126,000; May, Capital- P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000. Violet will pay the money directly to the other partners