Extracted text: Multiple Choice The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: ents to P 28,000 265,000 P293,000 Assets efore t Cash Non-cash Assets Total P 48,000 Liabilities 95,000 80,000 Ricablanca, Capital Tac-an, Capital Dimalanta, Capital Total 70,000 P293,000 S. 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? P10,500 b. P20,000 a. C. P32,500 d. P21,250 2. The statement of financial position of the partnership of Balino, Andres and Ignacio who share in the profits and losses in the ratio of 5:3:2, respectively, is as follows: Assets Liabilities and Capital P 30,000 Liabilities Balino, Capital Andres, Capital Ignacio, Capital Cash P 50,000 320,000 80,000 115,000 105,000 P350,000 Other assets Total P350,000 Total The partners agreed to liquidate the partnership by installment. Immediately there was a realization of P100,000 cash in selling other assets with book value of P150.000. On the cash available, priority is the payment of the liabilities and the balance is to be distributed to the partners. How should the remaining cash be distributed? P50,000; P40,0003; Andres, Andres, P30,000; P24,000; P48,000; P31,000; Balino, Ignacio, Ignacio, Ignacio, Ignacio, a. P20,000 Balino, Balino, b. P16,000 PO Andres, C. P32,000 P49,000 d. Balino, PO Andres,