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 X, capital 200,000 P1,225,000 Y, capital 200,000 P1,225,000 Partners share profits equally after the allowance of a salary to Y, the managing partner, of P7,500 monthly. As a result of operation losses sustained at the beginning of 2018, W advanced P150,000 to the firm on April 1; it was agreed that he would be allowed interest at 6%. With continued losses, the members decided to liquidate. Y agreed to take over partnership equipment in part settlement of his interest, the transfer being made at an agreed value of P40,000. On November 1, P200,000 cash was available for distribution to partners after sale of remaining assets and payment of partnership obligations to outsiders. Y had withdrawn his salary for January and February but had not received his salary for the period March 1 to November 1; no other cash payments had been made to partners. Available cash was distributed on November 1 and the firm was declared dissolved. How much cash should W received in the distribution of P200,000 cash available? 6. The accounts of the partnership of Lora, Rosa and Joaquin at the end of its fiscal year on November 30, 2018 are as follows: Cash P 103,750 Loan from Rosa P 20,000 Other Non cash assets 707,500 Lora, capital (30%) 266,250 Loan to Lora 15,000 Rosa, capital (50%) 136,250 Liabilities 262,500 Joaquin, Capital (20%) 141,250 If in the first distribution, Rosa received P 50,000, which of the following is incorrect? A. Total amount distributed to partners is P 336,250 B. Total amount paid to creditors is P 262,500 C. Total amount realized from the non - cash assets is P 598,750. D. Lora received an amount equal to P 187,500. 7. The partnership of B, O and Y was dissolved on October 30, 2018, and the account balances after all noncash assets are converted to cash on November 1, 2018, along with residual profit and loss sharing ratios, are: Cash P 50,000 Accounts payable P120,000 B, capital (30%) 90,000 O, capital (30%) (60,000) Y, capital (40%) (100,000) Personal assets and liabilities of the partners at November 1, 2018 are: Personal assets Personal liabilities P 80,000 P 90,000 100,000 61,000 100,000 80,000 If Y contributed P70,000 to the partnership to provide cash to pay the creditors, what amount of R's P90,000 partnership equity would appear to be recoverable