Problem 2. VW Partnership is undergoing liquidation. Partners V and W share profits and losses equally. All assets were sold which resulted in a loss of P60,000. The partnership also paid P80,000 liquidation expenses and P90,000 liabilities to outsiders. Partner V received P270,000 in settlement of her capital.

5. How much was Vs capital just before commencement of liquidation?

6. If Ws capital before liquidation was P100,000, then how much was total cash distributed to partners?

Problem 5. The Statement of Affairs of Three-Ten Company contained the following relevant information:

Assets pledged with fully secured creditors 1,500,000

Assets pledged with partially secured creditors 800,000

Free Assets 900,000 Liabilities with priority 200,000 Fully secured liabilities 1,000,000 Partially secured liabilities 1,500,000 Unsecured creditors without priority 1,300,000

11. The estimated deficiency to unsecured claims is?

12. What is the percentage of recovery of partially secured liabilities?