1. The partners capital (income-sharing ratio in parenthesis) of Nunn, Owen, Park and Quan on May 31, 2019 were as follows: Nunn (20%) P60,000; Owen (20%) P80,000; Park (20%) P70,000; and Quan (40%) P40,000 On May 31, 2019, with the consent of Nunn, Owen, and Quan: 1. Sam Park retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership. Income sharing ratio of remaining partners will remain proportionately the same. 2. Lois Reed was admitted to the partnership with a P24,000 cash investment for a 10% interest in the net asset of the new partnership What is the capital account of Quan after the admission of Reed?

2. Partners Roque, Estabillo, and Hao share net income and losses in a 3:5:2 ratio respectively. At the end of a very unprofitable year, they decided to liquidate the partnership. The partners capital account balances on this date were as follows: Roque P22,000; Estabillo P24,900 and Hao P15,000. The liabilities in the balance sheet amounted to P30,000, including a loan of P10,000 payable to Roque. The cash balance was P6,000. The partners plan to sell the noncash assets on a piece meal basis and to distribute cash as rapidly as it becomes available. All three partners are personally solvent. If Roque received a total of P20,000 as a result of the liquidation, what was the total amount realized by the partnership on the sale of the noncash assets?