3. Jimmy, Jerry and Johnny decide to liquidate their partnership. All assets are sold and the liabilities are paid. Following these transactions, the capital balances and profit and loss percentages are as follows: Jimmy, P27,000 and 30%; Jerry, (P12,000) and 40%; Johnny ,P43,000and , 30%. Jerry is unable to contribute any assets to reduce the deficit. How much cash will Jimmy receive as a result of the partnership liquidation? A. 15,000 C. 23,400 B. 21,000 D. 27,000 4. X, Y and Z are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balance in the capital accounts are as follows: X, P50,000 Cr.; Y, P40,000 Dr.; and Z, P30,000 Cr. How much cash is available for distribution to the partners? C. A. 120,000 40,000 B. 90,000 D. 30,000 5. On June 11, 2016, Molly, Nora, and Olga form a partnership investing cash of P15,000, P13,500, and P4,200 respectively. The partners share profits 3:2:2 and on August 30, 2016, they have cash of P1,000, and other assets of P47,500; liabilities are P25,600. On this date they decide to go out of business and sell all the assets for P30,000. Olga has personal assets of P1,500 that may, if necessary, be used to meet partnership obligations. How much should be distributed to Nora upon liquidation of the partnership? A. 4,000 B. 2,040 C. 4,860 D.-0