15-14. A balance sheet for the partnership of A,B and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash P 48,000 Other assets 238,000 Liabilities 80,000 A, Capital...

Determine the total payment to partners on the initial installment

Extracted text: 15-14. A balance sheet for the partnership of A,B and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash P 48,000 Other assets 238,000 Liabilities 80,000 A, Capital 88,000 B, Capital 62,000 C, Capital 56,000 On the first month of liquidation, certain non-cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment.