Justin, Joaquin and Joey share profits in the ratio of 5:3:2 and uses priority program. The following balances are obtained prior to the partnership liquidation.

Justin Joaquin Joey

Capital balances 120,000 90,000 40,000

Loan balances 45,000 30,000 13,000

Assets are sold and cash is distributed to the partners in monthly instalments during the course of liquidation as follows:

May -15,000 July- 90,000 June- 40,000 August (Final distribution)- 30,000

1. The total amount received by Joaquin in July is

a. 28,350

b. 47,250

c. 14,400

d. 47,304

e. none of these

2. The total amount Joey has received as of August is

a. 23,000

b. 9,000

c. 20,400

d. 6,000

e. none of these