1.On January 1, 2018, the partners of Leung, Ricablanca, and Edulan, who share profits and losses on the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date the partnership condensed statement of financial position was as follows:

ASSETS LIABILITIES AND CAPITAL

Cash P50,000 Liabilities P60,000

Other Assets 250,000 Leung, Capital P80,000

TOTAL P300,000 Ricablanca, Capital P90,000

Edulan, Capital P70,000

TOTAL P300,000

On Jan. 15, 2018, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe installment payments to the partners were made same date.

Required: How much cash should be distributed to each partner?

Leung ________

Ricablanca_________

Edulan__________

2.On Nov. 10, 2020, De Guzman, Seechua, and Longalong, partners had capital account balances of 40,000, 50,000, and 18,000, respectively, and share profits or losses in a 4:2:1 ratio. The total liabilities is 40,000.

Required:

1. If De Guzman received P8,000, how much cash was paid to all partners?____________
2. If De Guzman received P26,000, how much did Longalong get?____________
3. If Seechua received only P22,000 as a result of the liquidation, what was the loss on realization of partnership assets (assuming that no partner invested any additional assets in the partnership)?__________