Items 1&2 are based on the following information:

Partners Manila, Pampanga and Laguna, who shareprofit and loss in the ratio of
3:5:2 respectively have decided to liquidate their partnership and use priority
program. The statement of financial position of the partnership at the time of
liquidation is shown below.

Cash 240,000
Other assets 720,000
Accounts payable 186,000
Loan from Pampanga 60,000
Manila, Capital 216,000
Pampanga, Capital 240,000
Laguna, Capital 258,000
The partners desire to prepare an instalment distribution schedule showing how
cash would be distributed to partners as assets realized.
1. Assuming that the first sale of other assets having book value of P300,000
realized P150,000 and available cash is distributed, Manila, Pampanga and Laguna
respectively would receive
a) 48,000 48,000
b) 0 36,000
c) 18,000 0
d) 126,000 0
e) none of these

2.Assuming that the second sale of other assets (assume previous first sale facts)
having book value of P180,000 realized P240,000 and all available cash is
distributed, Manila, Pampanga and Laguna, respectively would receive.
a) 36,000 0
b) 0 36,000
c) 18,000 30,000
d) 81,000 105,000
e) none of these