CTTO

On August 1, partners Therese, Catherine, and Bernadette of Serendipity General Services, Ltd., who share profits and losses 3:3:2 respectively decided to liquidate their partnership business. The following is the statement of financial position as of August 1, 2020, after all income and expense accounts have been closed together with the drawing accounts to the capital accounts of the partners. Assets other than cash was all combined to 'Non-Cash Assets accounts. Serendipity General Services, Ltd. Statement of Financial Position August 1, 2020 Assets Cash Non-Cash Assets Total Assets P 102,000 478,000 P 580,000 P 25,000 15,000 P 40,000 Liabilities and Partners' Equity Accounts Payable Bernadette, Loan Total Liabilities Partners' Equity Therese, Capital P&L ratio 3 Catherine, Capital 3 Bernadette, Capital 2 Total Labilities and Partners' Equity 200,000 180,000 160,000 540,000 P 580,000 The partnership was liquidated on August 3 incurring liquidation expenses amounting to P16,000. The non-cash assets were sold for P524,000. Required: 1. Prepare the liquidation statement of Serendipity General Services, Ltd. on August 3, 2020. 2. Record the liquidation journal entries of Serendipity General Services, Ltd