February 6,000 750 1,250 2,000 March 15,000 10,000 500 500 April 12,000 4,000 400 All cash available, except the amount withheld for future expenses, is distributed at the end of each month. Required: Determine the share of each partner every month of distribution. 3. The balance sheet of ], K and L Partnership shows the following information as of December 31, 2018: Cash P 2,000 Liabilities P 5,000 Other Assets 28,000 J, Loan 2,500 J, Capital 12,500 K, Capital 7,000 L, Capital 3,000 P30,000 P30,000 Profit and loss ratio is 3:2:1, respectively, for ], K, and L. Other assets were realized as follows: Date Cash Received Book Value January, 2018 P 8,000 P 9,000 Advanced Accounting 1 Page 11 February, 2018 3,500 7,700 March, 2018 12,500 11,300 Cash is distributed as assets are realized. a. How much is the total loss to J? b. How much is the total cash received by K? C. How much cash does L receive in January? 4. Partners Fredo, Lino, Marvin, and Joaquin have been operating FLMJ Partnership for ten years. Due to a significant reduction in the demand for their product over recent years, the partners have agreed to liquidate the partnership. At the time of liquidation, balance sheet accounts consisted of cash, P103,500; noncash assets, P300,000; liabilities to outsiders, P60,000; capital credit balances for partners Fredo, Lino, and Marvin, P90,000, P150,000, and P120,000, respectively; and a debit capital balance for partner Joaquin of P16,500. Partners share equally in income and loss. It is estimated that the administrative cost of liquidation will total P4,500. While preparing for liquidation, an unrecorded liability of P7,500 was discovered. a) Assuming the available cash of P103,500 was distributed, how much must be the share of partner Lino? b) In order for partner Joaquin to receive at least P5,000, how much should the non cash assets be sold for? 5. Balance sheet data for the firm of W, X, and Y as of January 1, 2018, follow: Assets P1,225,000 Liabilities P 675,000 W, capital 200,000