A partner who receives 50% of the profits of the company was distributed P240,000 cash in partial settlement of his interest. That partners interest in the partnership amounted to P800,000 after his share in the loss on realization of some non-cash assets and after his share in the liquidation expenses paid by the partnership.

1. How much was maximum possible loss of the partnership?

2. If the partnership had unsettled liability to outsiders in the amount of P500,000, and it also had unsold noncash assets with book value of P1,000,000, then how much was anticipated expenses of the partnership, if any?

3. If the partnership had unsettled liability to outsiders in the amount of P500,000, and it also had unsold noncash assets with book value of P1,000,000, then how much cash should be withheld by the partnership, if any?