The statement of financial position of A B partnership as of December 31, 2020 is presented below:
CASH
P20,000
LIABILITIES AND LOAN
50,000
OTHER ASSETS
280,000
CAPITAL
A
125,000
B
70,000
C
30,000
TOTAL CAPITAL
300,000
TOTAL LIABILITIES AND CAPITAL
300,000
Profits and loss ratio is 3:2:1 for A, B, and C, respectively. Other assets were realized as follows:
DATE
CASH RECEIVED
BOOK VALUE
JAN. 2020
60,000
90,000
FEB. 2020
35,000
77,000
MAR. 2020
125,000
113,000
Liquidation expenses paid are as follows:
January P500
February P700
Cash is distributed as assets are realized, how much is the total cash received by partner A?