The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: Assets Cash P 28,000 Non-cash Assets 265,000 Total P293,000 Liabilities P 48,000 Ricablanca, Capital 95,000 Tac-an, Capital 80,000 Dimalanta, Capital 70,000 Total P293,000 Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000. After settlement with creditors, all cash available was distributed to partners. How much cash did Dimalanta receive?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows:

Assets

Cash P 28,000

Non-cash Assets 265,000

Total P293,000

Liabilities P 48,000

Ricablanca, Capital 95,000

Tac-an, Capital 80,000

Dimalanta, Capital 70,000

Total P293,000

Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000. After settlement with creditors, all cash available was distributed to partners. How much cash did Dimalanta receive?

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