4. Assume the same facts in No.

3 above except that Rueda received P26,000

as a result of the liquidation, Pural received as part of the liquidation:
a. P26,000
b. P18,000

c. P14,500
d. P14,000

5. The partnership of Rivera, Coloradio and Reyes share profits and losses in
the ratio of 5:3:2, respectively. The partners voted to dissolve the partnership
when its assets, liabilities, and capital were as follows:
Assets

Liabilities and

Capital
Cash
P60,000
Other assets

P40,000

Liabilities

210,000

Rivera, Capital

48,000
Colorado,
Capital

72,000
Reyes,

Capital
Total

70,000
-------------

Total

----------------P250,000
P250,000
----------------------------The partnership will be liquidated over a prolonged period of time. As cash is
available it will be distributed to the partners. The first sale of non-cash assets
having a book value of P120,000 realized P90,000. How much cash should be
ditributed to each partner after this sale?
a. Rivera,
P41,200
b. Rivera,
P41,000
c. Rivera,
P14,000
d. Rivera,
P18,000

P0

Colorado,

P28,800: Reyes,

P0

Colorado,

P30,000: Reyes,

P35,000: Colorado,

P21,000: Reyes,

P45,000: Colorado,

P27,000: Reyes,

Corleto, Samonte and Bibonia are partners sharing profits and losses in the
ratio of 4:3:3, respectively. The condensed statement of financial position of
CSB Partnership as of Dec. 1, 2016 is:
Cash

P50,000 Liabilities

Other Assets

130,000 Corleto, Capital

P40,000
60,000
Samonte,
Capital

40,000
Bibonia,

Capital

40,000
-------------------------P180,000
P180,000

-------------------------6. The CSB Partnership was dissolved and liquidated by installments. The first
realization of P40,000 cash was on the sale of other assets with book value of
P80,000. After the payment of the liabilities, the cash available is distributed to
Corleto, Samonte and Bibonia, respectively as follows:
a. P36,000: P27,000: P27,000
b. P16,000: P12,000: P12,000
c. P44,000: P28,000: P28,000
d. P24,000: P13,000: P13,000
The following statement of financial position is presented for the partnership of
Villanueva, Pozon and Yecyec who share profits and losses in the ratio of 5:3:2,
respectively.
Assets
Liabilities and Capital
Cash

P120,000

Liabilities

P280,000
Other assets
Capital
560,000

1,080,000

Villanueva,
Pozon,

Capital

320,000
Yecyec,

Capital
Total

40,000
--------------

Total

----------------P1,200,000
P1,200,000
-----------------------------7. Assume that the partners decided to liquidate the partnership. If the other
assets were sold for P800,000, how should the available cash be distributed?
Villanueva

Pozon

P280,000

P320,000

P324,000

P236,000

P412,000
P410,000

P228,000
P230,000

Yecyec
a.
P40,000
b.
P16,000
c.
d.

As of Dec. 31, 2016, the books of Vicente, Garcia and Cabuyadao Partnership
showed capital balances of Vicente, P40,000, Garcia, P25,000, and Cabudayao,
P5,000. The partners' profit and loss ratio was 3.2.1, respectively. The partners

decided to dissolve and liquidate. They sold all the non-cash assets for P37,000
cash. After settlement of all liabilities amounting to P12,000, they still have
P28,000 cash left for distribution.
8. The loss on realization of the non-cash assets was
a. P42,000
b. P40,000

c. P45,000
d. P21,000

9. Assuming that any debit balance of partners' capital is uncollectible, the

share of Vicente on P28,000 cash for distribution was
a. P19,000
b. P16,000

c. P18,000
d. P17,800