Financial Position at at Dec. 31, 2019

Assets

Cash P 2,000

Other noncash assets 28,000 Total P30,000

Liabilities and Capital

Liabilities P 5,000

De Mesa, loan 2,500

De Mesa, Capital 12,500

Tudtud, Capital 7,000

Apostol, Capital Total 3,000

Total P30,000

Profit and loss ratio is 3:2:1 for De Mesa, Tudtud and Apostol, respectively. Cash is distributed as assets are realized. Other assets were realized as follows:

Date Cash Received Book Value 01/2019 P 6,000 P 9,000

02/2019 3,500. 7,700

03/2019 12, 500 11,300

Required: Answer and provide solution to the following questions:

Question 1

Total loss to De Mesa Is

by Tudtud is:

A. P3, 000

B. P2, 000

C. P1, 000

D. P-0-

2. Total cash received by Tudtud is

A. P2,000

B. P1, 500

C. P5, 000

D. P-0-

3. Cash received by Apostol in January is:

A. P200

B. P1,000

C. P-0-

D. P500