Quizzer: Brilliant Partnership engaged in a steel manufacturing business had the following condensed financial position prior to liquidation: Assets Liabilities and Capital Cash P147,000 Liabilities P82,000 Noncurrent assets 720,000 Advances from Nelly 45,000 Nelly, capital (25%) 194,000 Reese, capital (40%) 330,000 Irish, capital (35%) 216,000 Total assets P867,000 Total liabilities and capital P867,000 Assuming non-cash assets with a book value of P340,000 were sold for P415,000 and that all available cash was distributed. Which of the following statements is false for Nelly to receive a total of P176,000 cash after liquidation? A. The proceeds from the sale of the remaining non-cash assets amount to P53,000. . The loss on realization on the sale of the remaining non-cash assets amount to P177,000. C. Partner Reese will receive the amount of P208,000 on the first distribution of cash. D. Partner Irish will receive a total of P127,800 cash after liquidation. PARTNERSHIP LIQUIDATION - INSTALLMENT Problem A. Allen, Ben and Carlo are partners in ABC Partnership who share profit and losses 5:3:2 respectively. The partners have agreed to liquidate the partnership. Prior to the liquidation, the following is found in the partnership's books: Cash P13,200 Noncash assets 297,600 Advances from Carlo 38,400 Advances to Allen 12,000 Other liabilities 184,800 Allen, capital 72,000 Ben, capital (12,000) Carlo, capital 39,600 Assuming the actual liquidation expense is P16,800 and that noncash assets with a book value of P240,000 were sold for P195,000, how much cash should Carlo receive? A. P46,657 B. P6,600 C. P34,757 D. PO