153 If after all partnership assets are realized and all liabilities are settled the partnership has remaining cash of P120,000, how much will Beans receive from the liquidation? a. 189,000 c. 69,000 b. 120,000 do If on the final settlement of the partners’ claims Beans received 99,000, how much did Jack receive? a. 261,000 c. 89,000 b. 234,000 4.0 9. Before the realization of non-cash assets, the partnership has a zero balance in its cash account and a P200,000 balance in its liabilities. If Jack received P261,000 on the final settlement of the partners’ claims, how much were the net proceeds from the sale of the non-cash assets? a. 560,000 . 290,000 b. 360,000 do 10. ABC Co. is undergoing liquidation. Information before the start of the liquidation process is as follows sales of noncash assets were P12,000 and P30,000, respectively. | Cash 10,000 Accounts payable 80,000 | Accounts receivable 80,000 Payable to B 20,000 | Receivable from A 10,000- A, Capital (50%) 50,000 | Inventory 180,000 _B, Capital (30%) 150,000 | Equipment, net 320,000 _C, Capital (20%) 100,000 | Total 600,000 Total Liab. & Equity ___ 600,000 a | ‘The total cash distributed to the partners after the first and second How much cash did C receive in the second cash distribution? a. 6,400 ©. 3,600 | b. 7,600 4.0