A Read aloud A D. Lora received an amount equal to P 187,500. 7. The partnership of B, O and Y was dissolved on October 30, 2018, and the account balances after all noncash assets are converted to cash on November 1, 2018, along with residual profit and loss sharing ratios, are: Cash P 50,000 Accounts payable P120,000 B, capital (30%) 90,000 O, capital (30%) (60,000) Y, capital (40%) (100,000) Personal assets and liabilities of the partners at November 1, 2018 are: Personal assets Personal liabilities P 80,000 P 90,000 100,000 61,000 100,000 80,000 If Y contributed P70,000 to the partnership to provide cash to pay the creditors, what amount of R's P90,000 partnership equity would appear to be recoverable? Advanced Accounting 1 Page 12 8. The partnership of Daniel, Keith, and Ross is to be liquidated as soon as possible after December 31, 2018, and all cash on hand except for P20,000 contingency balance is to be distributed at the end of each month until the liquidation is complete. Profits and losses are shared 50%, 30%, and 20% to Daniel, Keith, and Ross, respectively. A balance sheet of the partnership at December 31, 2018 contains the following accounts and balances: Cash P 240,000 Accounts Payable P 300,000 Accounts Receivable 280,000 Notes Payable 200,000 Loan to Ross 40,000 Loan from Keith 20,000 Inventories 400,000 Daniel, Capital 340,000 Land 100,000 Keith, Capital 340,000 Equipment (net) 300,000 Ross, Capital 200,000 Goodwill 40,000 P1,400,000 P 1,400,000 In January, 2019, the loan to Ross was offset against his capital balance and the goodwill is written off. P200,000 is collected on account, inventory items that cost P160,000 are sold for P200,000, and cash is distributed. a. If available cash is distributed on January 31, 2019, Daniel, Keith, and Ross, respectively, should receive: b. If a cash distribution plan is developed as of January 1, 2019, the vulnerability ranks (1 is most vulnerable) for Daniel, Keith, and Ross is: 9. After all partnership assets were converted into cash and all available cash were distributed to creditors, the following were determined: Ledger Balances Personal Assets Personal Liabilities