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BS extended a loan to the partnership in the amount of P82,500, deficit of P231,000, pe P247,500, personal liabilities of P99,000. CM has a capital
BS extended a loan to the partnership in the amount of P82,500, deficit of P231,000, pe P247,500, personal liabilities of P99,000. CM has a capital balance of P49,500, persona P412,500 and personal liabilities of P247,500. Their profit and loss ratio is 3:1:1 AK, BS, respectively. On June 12, 2013, assets with a book value of P495,000 were sold for P330,000 cash. T used to pay off liabilities of the partnership. During the remainder of June, no addition realized and outside creditors began to pressure the partnership for payment. On July agreed to contribute personal assets, to whatever extent possible, in order to eliminate deficits. Shortly thereafter, assets with book value of P330,000 and a fair value of P379 distributed to AK. Assuming additional noncash assets with book value of P660,000 we P891,000. How much cash would be distributed to CM? A. P72,600 C. P23,100 B. P52,800 D. P3,300
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