decided to liquidate and they accordingly converted noncash assets into P237,000 cash. After paying the liabilities amounting to P153,000 and liquidation expenses of P15,000, they still have P72,000 to divide. 43. The loss on realization amounts to by how much? Problem 28 Kim, Lee, Park, and Choi have been operating a partnership for ten years. Due to unfavourable operation, the partners agreed to liquidate the partnership on January 2, 2013. At the time of liquidation, account balances consisted of: Cash, P207,000; Noncash assets, P600,000; Liabilities, P120,000; Capital balances - P180,000, P300,000, P240,000, and (P33,000). Profits and losses are shared equally by the partners. The assets are realized, liquidation expenses of P9,000 and unrecorded liabilities of P15,000 were paid. At the end of the liquidation process, Kim received P150,000 in the final settlement. Choi is a solvent partner. 44. The amount realized from the sale of noncash assets amount to by how much? Problem 29 Kazumi, Hisako, and Hikari have capital balances of P30,000, P15,000 and P5,000 respectively. The general partnership agreement is silent as to the manner in which partnership losses are to be allocated but does provide that partnership profits are to be divided as 40:25:35. The partners have decided to dissolve and liquidate the partnership. After paying all creditors, the amount available for distribution is P20,000. All partners are solvent. 45. In the final settlement, Kazumi receives 46. In the final settlement, Hikari receives Problem 30 Shim Hana, Eun Bomi, Kim Seohyeon, and Go Nari are partners sharing profits and losses in the ratio of 3:4:6:8. Their capital balances are: Hana, P8,000; Bomi, P200,000; Seohyeon, P200,000; Nari, P72,000. The partners decided to liquidate, and they accordingly converted noncash assets into P185,600. After paying liabilities amounting to P24,000, they have P177,600 to divide. Assume that a debit balance of any partner's capital is uncollectible. 47. The book value of the noncash assets amounts to Problem 31 Clarise, Teresa, and Amabelle share profits and losses equally. They formed the partnership five years ago with each contributing P250,000 cash. The partners decided to liquidate their partnership on January 3, 2013. On this date, their capital balances are P150,000, P100,000 and P100,000 respectively. They have liabilities of P150,000 and cash in bank of P50,000. The partners received a lump sum offer of P300,000, and all partners agreed. They distributed cash among themselves after paying all liabilities and P15,000 expenses