During January, non-cash assets with carrying amount of 520,000 were sold for 240,000. The cost of disposal was 80,000. All of the partners are personally insolvent. How much did B receive in the partial settlement of his capital account? a. 32,000 b. 120,000 c. 140,000 d. 0

9. On January 1, 20x, the partners of ABC Co. decided to liquidate their partnership on installment basis. Distributions to partners shall be made as cash becomes available. The following information was made available: Dr. Cr. Cash 80,000 Accounts receivable 240,000 Receivable from C 40,000 Inventory 480,000 Equipment 1,200,000 Accounts payable 120,000 Payable to B 80,000 A, Capital (20%) 400,000 A, Drawings 80,000 B, Capital (30%) 600,000 C, Capital (50%) 800,000 C, Drawings 120,000 Totals 2,120,000 2,120,000