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Accounting for Partnership Liquidation chapter 6 319 NAME PROFESSOR Date: Problem 6-25 Multiple Choice: Lump sum Liquidation Encircle the letter corresponding to the best answer l fostruction: Ins 1computation on a separate paper 1. on August 16, 200A, Tyron, Dana and lra form a partnership investng 3.2: 2 P105,000, P94,500 and P29,400, respectively. The partners and on October 29, 200A, they have cash of P7,000, P332,500; liabilities are P179,200. On this date they business and sell all the assets cash of of for P210,000. Ira has personal assets of P10,500 its and other assets decided to go out ssary, be used to meet partnership obligations. How much should be distributed to Dana upon liqui idation of the partnership? I a. P34,020 Ib. P28,000 I c. P14,280 2. Partners A, B and C share profits and losses in the ratio of 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The partners' capital account balances at this time are as follows: A, Capital B, Capital C, Capital P123,200 139,440 84,000 The liabilities accumulate to P168,000, including a loan of P56,000 from A. The cash balance is P33,600. All the partners are personally solvent. The plan to sell the assets in installment If B received P20,160 from the first distribution of cash, how much did A at that time? partners receive b. P 6,720 C. P 4,480 d..- i bolance sheet is presented for the partnership of A, B