As of December 31, 2011, the books of Vicente, Garcia and Cabuyadao Partnership showed capital balances of 40,000, 25,000 and 5,000.The partner's 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.

Q14.The loss on realization of the non-cash assets was:

a. 42,000

b. 40,000

c. 45,000

d. 21,000

Q15.Assuming that any debit balance of partner's capital is uncollectible, the share of Vicente on P28,000 cash for distribution was:

a. 19,000

b. 16,000

c. 18,000

d. 17,800