19-11 Cecil Laguna and Rey Cadelena have decided to liquidate their partnership. Shown below is the Statement of Financial Position prior to liquidation process: Chapter 19 L & C Trading Statement of Financial Position As of 31 March 20A Assets Liabilities and Partners' Equity Cash P 60,000 Accounts Payable Accounts Receivable 40,000 C. Laguna, Loan P 80,30 25 3% Inventories 80,000 C. Laguna, Capital Other non-cash 150,000 R. Cadelena, Capital 105,00 Total Liabilities & 120 040 Total Assets P330,000 Partners' Equity P339,00% If 90% of the Accounts Receivable was collected and the remaining balance was written. off against accounts of the partners. Q -3 What would be the new partner's equity balance? a) P215,000 c) P230,000 b) P221,000 d) P257,000 If payment to outside creditors should be given priority over partner's loan, Q - 4 How much is the cash balance of the company after paying its obligation? a) P16,000 c) P25,000 b) P20,000 d) P30,000