MMM, NNN, and OOO are partners in a business being liquidated. The partnership has cash of P22,000, non-cash assets with a book value of P264,000 and liabilities of P173,250. The following data relates to partners as of June 1, 2020: · MMM has a capital balance of P129,250, personal assets of P27,500, personal liabilities of P13,750. · NNN extended a loan to the partnership in the amount of P13,750, deficit of P38,500, personal assets of P41,250, personal liabilities of P16,500. · OOO has a capital balance of P8,250, personal assets of P68,750 and personal liabilities of P41,250. · Their profit and loss ratio is 3:1:1 to MMM, NNN and OOO, respectively. During June 2020, all non-cash assets were sold for P250,000. The proceeds were used to pay off liabilities of the partnership and liquidation expenses of P10,000. How much is the amount received by MMM in the partnership liquidation?
MMM, NNN, and OOO are partners in a business being liquidated. The
· MMM has a capital balance of P129,250, personal assets of P27,500, personal liabilities of P13,750.
· NNN extended a loan to the partnership in the amount of P13,750, deficit of P38,500, personal assets of P41,250, personal liabilities of P16,500.
· OOO has a capital balance of P8,250, personal assets of P68,750 and personal liabilities of P41,250.
· Their
During June 2020, all non-cash assets were sold for P250,000. The proceeds were used to pay off liabilities of the partnership and liquidation expenses of P10,000.
How much is the amount received by MMM in the partnership liquidation?
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