As of Dec. 31, 2019, the books of Vicente, Garcia & Cabuyadao Partnership showed capital balances of Vicente, P40,000; Garcia, P25,000 and Cabuyadao, P5,000. The partners' profit and loss ratio was 3.2.1, respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution. 8. The loss on realization of the non-cash assets was: P42,000 b. P40,000 C. P45,000 d. P21,000 9. Assuming that any debit balance of partners' capital is uncollectible, the share of Vicente on P28,000 cash for distribution was: P19,000 b. P16,000 C. P18,000 P17,800 Chapter 4: Liquidation | 4-6