Jean, Conny, and Sasha decided to put up a meat and potato business so they formed a partnership on January 1, 2021, each partner investing P250,000 and agree to distribute profits equally. On February 10, 2021, Jean wanted to give Mikasa a present, thus, he was advanced P100,000 by the firm. On September 1, 2021, Conny made a loan to the firm of P200,000. Interest is to be charged on advances to partners and credited on loans by partners at the rate of 12%. Business became unsatisfactory because Sasha kept on eating all the meat and potatoes that the partnership offers, thus, the partners decided to dissolve the business. Sasha is allowed special compensation of P25,000 for managing the sale of assets and settlement with creditors. On December 31, all assets have been sold, outside creditors have been paid, and cash of P350,000 is distributed to partners. All partners are personally solvent and final settlement is made among partners on February 10, 2022. How much Conny would receive from the P350,000 cash?
Jean, Conny, and Sasha decided to put up a meat and potato business so they formed a partnership on January 1, 2021, each partner investing P250,000 and agree to distribute profits equally. On February 10, 2021, Jean
wanted to give Mikasa a present, thus, he was advanced P100,000 by the firm. On September 1, 2021, Conny made a loan to the firm of P200,000. Interest is to be charged on advances to partners and credited on loans
by partners at the rate of 12%. Business became unsatisfactory because Sasha kept on eating all the meat and potatoes that the partnership offers, thus, the partners decided to dissolve the business. Sasha is allowed special compensation of P25,000 for managing the sale of assets and settlement with creditors. On December 31, all assets have been sold, outside creditors have been paid, and cash of P350,000 is distributed to
partners. All partners are personally solvent and final settlement is made among partners on February 10, 2022. How much Conny would receive from the P350,000 cash?
Step by step
Solved in 2 steps
