SPECIAL TRANSACTIONS

ACTIVITY XYZ Co.'s statement of financial position shows the following account balances before liquidation: Cash P60,000 Other Assets 870,000 Total Assets P930,000 Accounts payable P60,000 Payable to Y 40,000 X, Capital (20%) 160,000 Y, Capital (30%) 260,000 Z, Capital (50%) 410,000 Total Liabilities & Equity P930,000 All of the other assets were sold for only P680,000. Liquidation expenses amounting to P6,000 were paid. Requirement: Compute the amount of cash distributed to each partner (3 items x 5 points)