Chapter 14 Partnership Liquidation
		Ace, Bay, Cal
		Statement of Financial Position
		December 31, 2016
Assets
Cash			300,000
Non-Cash Assets			3,200,000
Total Assets			3,500,000
Liabilities and Capital
Liabilities			1,300,000
Ace, Loan			50,000
Bay, Loan			100,000
Ace, Capital			300,000
Bay, Capital			900,000
Cal, Capital			850,000
Total Liabilities and Capital			3,500,000
Assuming non-cash assets are sold at P2,400,000. Profit and loss ratio is 4:4:2. Partner A is solvent.
Requirements: Prepare the necessary journal entries (5 entries)