1.A balance sheet for the partnership of KK, LL and MM, who share profits 2:1:1 respectively, shows the following balances just before liquidation:

CashOther AssetsLiab.KK, cap.LL, cap.MM, cap.

P48,000P238,000P80,000P88,000P62,000P56,000

In the first month of liquidation, P128,000 was received on the sale of certain assets. Liquidation expenses of P4,000 were paid and additional liquidation expenses of P3,200 are anticipated before liquidation is completed. Creditors were paid P22,400. The available cash was distributed to the partners.

The cash to be received by each partner based on the above data: